If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing.
We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.
Jonathan Smoke, the Chief Economist of realtor.com, in a recent article revealed that:
“Would-be buyers face a dilemma: There will be more homes on the market over each week of the next three to four months, but there will also be even more prospective buyers. We are entering the busiest season of home buying with the lowest amount of inventory in three years. To be competitive, buyers should get pre-approved for a mortgage and be ready to act quickly if they find a home that meets their needs.”
Broker Joe bringing Home Buyers to Southwest Florida!
Here in Southwest Florida:
The Summer real estate market trend in southwest Florida is starting its normal seasonal pattern, but the year-over-year decline IN LISTING INVENTORY is reflective of demand being stronger than supply for more than a year, which is resulting in fewer homes available and faster-moving inventory, if priced correctly.”
In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction including the inspection, appraisal and financing contingencies.
Bottom Line As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas.