With the kids going back to school and football season approaching fast, there are plenty of signs around that summer will soon coming to an end.
And what a summer it has been in real estate.
As we reported last Friday, the Albuquerque area has seen very good year-on-year growth recently and, as we also reported last week, buyer sentiment is being measured at an all-time high, nationwide.
And yet, despite all these, and other great reasons, for listing a home right now, we are still in the midst of a significant shortage of available properties for sale.
There are many reasons why inventory has been so low, not least that it has been at least partially kept in check by the aforementioned buyer enthusiasm, with ultra-low mortgage rates as a huge incentive to purchase at the moment.
Some people are already locked in to their current mortgage arrangements, having perhaps borrowed heavily to stay afloat in the recession years. In such situations they may still struggle to see a decent return on a sale and are, more than likely, being forced to play a waiting game for now.
There's also a vicious cycle at play, in that the shortage of homes is off-putting to those home owners who are considering an upgrade, or even downsizing later in life.
And with rentals sky rocketing, there's an understandable reluctance for investors to sell property, as it's still realizing a terrific return for them.
What should be clear to on the fence sellers, however, is that they are in a great position to take advantage of low inventory conditions right now.
The key benefit is that there is less competition around at the moment. This not only makes your home more visible in the market but, crucially, means that you stand to attract more buyers looking for a property just like yours. This, in turn, makes your asking price robust, if it is pitched correctly for the market conditions.
In the right circumstances, with an accurately-priced and well-appointed property, there's a good chance of attracting multiple offers, perhaps even above the asking price, such is buyer sentiment at present.
And with no obvious signs of a significant rise in mortgage rates in sight, it's reasonable to suggest that we're going to be in for a very busy period as the fall gets nearer.
However, as we have said many times on this blog, there's no guarantee that those who wait for another few months before listing will be able to enjoy such favorable overall market conditions.
That's why we believe that right now, as the summer is coming to an end, is still an amazing time to sell your home. Call us today for more specific advice tailored to your own circumstances.
Comments (0)Subscribe to CommentsComment