The weather is warmer; the bees are buzzing, and the housing market is very hot!
I love this time of year! The days are warm and the nights are still cool and pleasant. People are planting and upgrading their yards. I have tomato plants that are full of fruit that will be ripe in a few weeks. Life is good!
I also like this time of year for real estate. Currently, there are 16,591 properties listed for sale (including Condos and Townhouses). Of those, only 9385 do not currently have an offer, and of those only 7600 are SFR – Single Family Residences. Last month we sold 2881 SFRs. So we have approximately 2.6 months of inventory. So what does that mean?
The National Association of REALTORS (NAR) tells us that any market that has less than 90 days of inventory based on current trends is a hot market. What this means for you if you are thinking of selling your house is that now is the time to list. If you are a buyer, be prepared for multiple offers and make your offers as attractive as possible. While all this seems to be somewhat diametrically opposed, the truth is the market is telling you to act.
For Sellers: If you want to sell or have to sell, get your house ready. Just because the market is hot does not mean that you can expect top dollar if your property does not warrant it. It is a double edged sword. There are a lot of buyers, but the competition for them is steep. Fix and repair anything that needs it. If a buyer senses that you have deferred maintenance or have not repaired items correctly, it will deter them from making a better offer. Those items may also come up on a home inspection, and your will either have to repair the items or grant an allowance. Be sure to make the house available for showings.
For Buyers: Get a solid preapproval. Know your price range and payment. Sometimes it is not always about the rate, but about the payment you can afford and how that translate to the price of the property. Be flexible on your wish list. There are always tradeoffs in real estate. Decide what are your non-negotiables and what you may be willing to compromise on to get your new home. If you are asking for concessions from the seller, you may have to pay more than what you thought to get those. Listen to your lender and follow their advice and that of your REALTOR®.
This is a great time to buy or sell. Let me show you how I can help.