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, Chief Economist at realtor.com, revealed in a recent article that:
“The biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract. That’s because the supply of homes for sale is at an all-time low, and yet demand is strong and getting stronger.”
Smoke goes on to say:
“We started the year with the lowest inventory of homes available for sale that we’ve ever seen on realtor.com. While we did see inventory grow 2% in February, total inventory was down 11% over last year.”
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.
As a matter of fact, with our last sale, THE MILITELLO TEAM, the seller needed to stay in the property for an extra week after the transfer--well this is why the buyers got the home. They wrote right in their offer that the owners could stay in their newly purchased home free of charge for one week after the transfer of the property. Know what the seller needs are prior to making your offer. Then give them what they want...you may be surprised and win the "bidding war".
If you need more practical advice, contact THE MILITELLO TEAM today. We have over 30 years of experience selling real estate North of Boston in Essex County on the North Shore!
Take a quick look at the snapshot of the real estate market. If you would like to know what is going on in your neighborhood, contact Kathleen (978) 500-1480. She loves sharing these numbers and her insight with you!
What we know is sellers are in the driver’s seat right now. It might be time to get your home on the market and sold today!
THE MILITELLO TEAM
Joseph Militello (978) 815-3877
Kathleen Militello (978) 500-1480
J Barrett & Company
Source: Keeping Current Matter