Thinventory is the term we have coined for a markets with very little inventory. We have had this graphic created to illustrate this condition. The condition frustrates both listing agents and buyers agents with not many homes to list....and buyers left with few or no choices to upsize, downsize or relocate. Some "Wanna Be" Sellers cannot be...they have nowhere to go....and for the first time in our memory...that includes Condos that are also scarce...unable to downsize and empty the nest with no where to fly to in thinventory conditions.
Buyers....whether they are first timers or looking to upsize...are also experiencing the little or no choices in this condition of the market.
Members of Active Rain have been asked to gaze into their crystal balls and forecast the 2017 conditions by our wise member from the east coast, Praful Thakkar . For those member who "get it right" they can consider an alternate or additional career in weather forecasting or psychic readings as a niche to grow their business in the new year. Our market predictions are varied. Currently we see the "luxury entry " thru the "established luxury" continuing to be soft with the most updated and upgraded homes being the ones in this category to garner offers. It is no longer "enough" to be on the golf course, have lake frontage or access....be in the sought after subdivision...all things bells and whistles must be included to be rewarded with an offer. For some...this can be an upside situation in a market that no one ever thought would be in that condition. Holding on to the "have to have" price isn't going to produce an offer.
We believe we will see a little bit of an uptick in inventory now that the holidays are concluded. Sellers who wisely got their homes ready to sell...not just mechanically but also in terms of updating, will see willing buyers and few days on the market.
We believe that spring will not be the avalanche of homes hitting the market that we have usually seen in years past...but despite what we preach about less inventory, better prices....there will be those people who wait for warmer temperatures to warm the market with their for sale signs. Our advice is to call your Realtor of choice or interview one now and find out what steps you can take to get your house ready for the market...the interior things that can make all the difference in the appeal of a home to eager buyers. Thinventory will ease slightly.
Summer will be the healthiest season we can predict at this time with homes selling quickly and Sellers recognizing the opportunity to jump in and get their share of the Buyers that are eager to purchase homes.
Our psychic powers at this point in time are clouded well into third and forth quarter and that will have to be another post as the calendar pages roll by and the market decides how it will behave.
Our advice is if you are thinking of selling...find out what improvements make the most sense for you ....in southeastern Wisconsin...we can assist you with a variety of ideas, suggest contractors and help you put your best house forward to realize the most from your real estate investment.
For Buyers....know that having a Buyers agent who is ever watchful of the inventory, is in touch with opportunities for delayed listings not yet on the market and has given you an up to the second search link...like the one you find by clicking here is valuable in your home search.
Selling...updating...Buying...the Hansons are here for you in all things real estate in Southeastern Wisconsin...we are honored to be of service.