If you are a homeowner in our current market, you might be weighing your options when it comes to selling your home or staying put. We are in a robust sellers market that has been described as a “straight up inventory crisis” or that there is an “overwhelming lack of supply”. First American has just released the results of a survey which helps us understand the current lack of homes on the market.The survey itself asked real estate industry professionals to describe what they thought were the top reasons for the lack of inventory. Here are the results:
- 47% – existing homeowners are worried that they will not be able to find a home to buy
- 26.5% – first-time buyer demand is absorbing a large share of available homes
- 11.3% – existing homeowners’ mortgage rates are lower than the current rates
- 10.6% – insufficient or negative equity in the home
- 4.6% – foreign buyer demand is absorbing a large share of available homes
As you can see reasons 1, 3 and 4 explain why current homeowners are unwilling to put their homes on the market.
However if you are a homeowner that is not imprisoned by these concerns, this presents a tremendous opportunity! You are subject to far less competition, and this can result in your home being sold quickly and for the highest possible price in recent history!
If for some reason you are worried about buying a home in this market, the 2017 NAR HOME survey showed that 77% of people believe that now is a good time to buy a home and that 78% of people believe that now is also a good time to sell your home. Buyers working with a REALTOR® are able to see properties before they are listed and therefore have an advantage over buyers looking by themselves. Our 950+ Shorewest sales associates network with one another, sharing homes that are coming on the market – often matching buyers with homes before they hit the market. This is a huge advantage in today’s market to both buyers and sellers. You will find more homes for sale and up-to-date information on Shorewest.com than you would from those national real estate broker sites.
No matter your situation, you have a once-in-a-lifetime opportunity to sell your home at a peak selling time! Contact your Shorewest, REALTOR® today!
Source Credit: KCM