It truly has become a seller's market, however all good things do come to an end. There is bound to be more inventory, especially within the next few months. It doesn't get much easier than it is now to get multiple offers on your home. Well said Jay.
Let's throw it back. Remember playing musical chairs? (Nod your head...this is going somewhere).
The real estate market has heated up to the adult version of the game. The only difference is it's considered frowned upon to literally push someone to get the house you want...instead you need to let your offer do the talking.
Well, we've been seeing it everywhere. And perhaps hearing it too much..."Intentory is low, huh?"
Don't confuse low interest rates with the common misconception of it being a "Buyer's Market". We can observe the opposite is true in the current market when viewing the supply and demand curve amongst Buyers and Sellers.
It's simple, really:
1. Money is cheap and Buyers want a home...NOW!
2. # of Buyers > Homes Available
3. People will pay a premium to get the home they want
In Orange County, we've seen home values increase 3%-6% in the last 6 months.
What does this mean to you as a homeowner? Well, you like money, right? You have an opportunity to get more of that green stuff now than you did a year ago...and if I had a crystal ball, it would probably say more than a year from now as well.
See, it appears we have entered into a micro-bubble created by banks withholding foreclosed properties from the public. They eventually need to hit the market. Historically, we can see that when bank-owned properties sell, there is a decline in the surrounding home values because of how aggressive banks are to get homes off of their books.
Whether you are a tad bit curious to know the value of your home in TODAY'S market, or need to sell tomorrow, visit www.homevaluesoc.com
Don't be shy. The first step in knowing the value of your home is admitting you have a home to sell.