Welcome to my online blog – Escaping the Cellar.
The basic theme of this blog is to provide how-to, ideas and advice for improvement of ones life circumstances.
Escaping the Cellar is my way of sharing knowledge and experiences in the hope that it will enhance the lives and circumstances of others.
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 CorbettNOW
to take advantage of this market.