Why don’t we see new inventory hitting the market – has spring not sprung?
The freeze is over and our real estate market should be opening with new introductions as I write. In fact, I have new introductions coming this week! That said, there is a glut of buyers looking for homes in our market across nearly every price range. We have been starved for inventory for quite a long time now. Forecasters are predicting that we will see greater mobility from baby boomers in the coming year, and that will undoubtedly bring more inventory into our market. However, it seems that natural fallout from the pandemic has included some potential sellers hunkering down and preferring to just stay put for the time being, and others who might be in homes that are probably too big for them at this stage of life appreciating, at least for now, the additional space that their larger home offers.
I expect this will be a very tight year for inventory because even though I suspect we will see introductions, the buyer competition is going to be fierce. To every potential seller out there I would note that if you are considering a move in the not too distant future, this particular market is one in which you could extract a premium, and I would be more than happy to meet with you to help you strategize how to take advantage of this unique blip in our market. We will ultimately see more inventory introduced and that will cause prices to level out again so this would be the ideal time to take advantage of premium prices generated by our lack of inventory. To those buyers out there sitting on the fence, I would suggest that there are some very nice homes currently on the market and this would be a great time to lock in one of those homes. If I had a crystal ball, I suspect it would tell you that we are not going to see an excessive amount of introductions in this spring market and homes that have been sitting on the market for longer periods of time will surprisingly end up with multiple offers. Why not buy one of those homes now and avoid the unpleasantness associated with a bidding war?
This is definitely a market in which strategic planning, whether as a buyer or a seller, is key. If a real estate move is in your future, I would be more than happy to meet with you confidentially to develop a plan for your success!
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