I’m in my car enroute to another listing and wanted to take a moment to talk to you today about the current real estate market. Should you be buying or selling?
As you may have heard, the market has slowed down a bit, and that’s because all the kids are back in school. The absorption rate as of a couple of days ago was at a 3.5 month supply. In understanding this, you must know that anything less than a five-month supply is considered a seller’s market, anything in between five and six months is a neutral market, and anything over six months is considered a buyer’s market .
The market has slowed down a bit.
If you’re thinking of selling, now may be the time. If you wait until spring, you may be up against a lot of other homes, and the absorption rate could be as high as five months. At the very least, you can request a Realtor such as myself to come out to your house and fine-tune it before listing.
If you put a $10,000, or $20,000, or $30,000 spread on a $200,000 home, you’re priced well over other homes in your neighborhood. If a buyer is looking at two similar homes and one is lesser-priced, they’re going to opt for that home. That’s why you want to be priced to sell in this current market.
If you’re a buyer, you obviously know that inventory is in tight supply. The only way to get a good home in your case, then, is to get out on the same day that it goes on the market, see it, and make an offer. You want to consider that most sellers have put the home on the market that is very close to their bottom dollar. Make an offer but don’t go lowballing because that will only insult the seller. It’s also a good idea to make sure that you’re pre-qualified by a lender beforehand.
If you have any more questions about buying or selling or would like our help in helping you list your home, just give me a call or send me an email. We look forward to working with you.