If you thought about selling your house this year, now may be the time to do it. The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.
Jonathan Smoke,Chief Economist atrealtor.com, revealed in a recent articlethat:
“The biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract. That’s because the supply of homes for sale is at an all-time low, and yet demand is strong and getting stronger.”
Smoke goes on to say:
“We started the year with the lowest inventory of homes available for sale that we’ve ever seen on realtor.com. While we did see inventory grow 2% in February, total inventory was down 11% over last year.”
In this type of market, a seller may hold a major negotiating advantage when it comes to price and other aspects of the real estate transaction including the inspection, appraisal and financing contingencies.
As a potential seller, you are in the driver’s seat right now. It might be time to hit the gas.
Author:Laura Byther Phone: 207-838-9990 Dated: April 17th 2017 Views: 16 About Laura: They say I have been more than a Realtor. I became their friend, always in their corner working for ...
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"Dan and I have enjoyed working with David Marshall on selling our home and buying a new one. David is very knowledgeable, very thorough and persistent when he needs to be. He kept us posted on the many different deadlines and decisions well ahead of time so that we knew what to expect. We've relied on David quite a bit in this process and have recommended him highly to others."