Our market is truly feeling the sense of supply and demand. There are not enough properties to sell! We really need listings! Inventory (supply) is very low and the pool of buyers (demand) is very high.
Why list? It’s a great time for sellers. Because of the low inventory, it is a very competitive market resulting in multiple offers for sellers. Buyers are eliminating most contingencies to make their offer attractive. To the seller that means – waived inspection, waived financing and even waived appraisal. Buyers may also make their offer more compelling by allowing the seller stay in the home for a period of time after closing or offer other incentives to be selected.
Why are buyer’s doing this? Interest rates are at an all time low and they want to take advantage of them. If they are renting, that monthly cost can be as much as a potential mortgage.
The end result is that most homes in our area are selling for over list price. The fact that it’s a good time to sell is an understatement. If you are considering downsizing, have an investment or rental property, or are just ready for a change in your life, now is a great time to sell!