Friday, May 17, 2013

Is it now a Buyers or Sellers’ Market? – It’s Win/Win
With the current shortage of inventory in the housing market across the country, many Buyers are facing the challenge they haven’t dealt with in a long time. It is fast becoming a market where getting Buyers to buy is not the challenge, but getting homes on the market for them to buy.
Nationally, the median age of inventory, i.e. how long a home is on the market, was 78 days in March 2013, down 20 percent from February 2013, and approximately 88 days on the market just a year earlier.
This shortage of housing inventory has sparked bidding wars, leading to Buyers paying more than otherwise. A managing broker at Coldwell Banker Danforth and the state director for Washington Association of Realtors, recently is “down to 1.7 months of inventory within the city limits, and there is no end to the shortage in sight.” He further stated that “recently a Buyer offered $520,000 on a $450,000 home that was just three days on the market.”  Further stating, “That Buyer lost out to one of 13 other offers.”
The problem for many would-be Sellers is that they just can’t afford it – many still owe more on their mortgage than they can sell their home for on the open market.
Today’s market can be a win - win for both Buyers as well as Sellers – the inventory shortage should be used to your advantage. NOW, is the perfect time to sell – before everyone else comes back into the market and the new flood of supply drives prices down.
Contact Ted Corbett NOW to take advantage of this market.