What Is Low Real Estate Inventory
How does low real estate inventory impact the real estate market? Read on to find out how you’ll be impacted.
What This Means For Home Buyers
First of all, there are fewer houses to choose from when you’re searching for your new home. Because of this, it may be more difficult to find your dream home. Home buyers may have to be willing to prioritize their desired features in order to find a home that meets their needs. Working with a dedicated real estate agent can help mitigate this issue though since they stay very aware of the homes currently available. A good agent keeps their finger on the pulse of the market and often knows of new listings before they are even officially for sale. This can be quite a benefit when shopping a reduced-inventory market.
Second, because there are fewer homes on the market, those homes tend to sell faster. Some homes even go under contract the same day they are listed! This means it is very important for buyers to have their financing pre-approved and be mentally prepared to make an offer when they find a home they like. Knowing up front which features are top priority and which can be compromised on, means well-prepared buyers will be more comfortable making a quick decision.
What This Means For Home Sellers
The good news is that sellers can get a very good return on investment. If you’re both selling and buying a house, it's possible you are looking at an even inflation amount and may not experience a significant change. Though that doesn't always hold true. This is an especially good time to sell a home that would normally take a little longer to sell. The reality is that fewer homes for sale mean your home will get more attention. More attention makes it more likely to sell, and sell quickly, greatly reducing the stress involved with selling a home. If you have been considering selling your home, talk to an agent for some professional advice! Click here to see what your home is worth.
Contact a Realtor
To learn more about how you’ll be impacted in the current real estate market, contact a local realtor. Whether you’re buying or selling a home in the St. Joseph area, Ramseier Realty Group is ready to help. Let us help you get top dollar in the sale of your home or help you find and buy the home of your dreams. Give us a call at 816.262.8077 or contact us through our website today!