Monday, October 21, 2019 / by Amanda Peckham
We are currently in a market of 1.2 Month Inventory. So what does this mean for Sellers and Buyers. This means there are currently more buyers looking for homes then actual homes on the market. To give you an idea, a balanced market is 5.5 month inventory, so we are still in a very strong seller's market.
From a seller's perspective this is still a hot selling market and homes are selling quickly when priced at market value. We are still seeing many homes go into multiple offers when priced right. Even though we are going into the cold winter season this market does not look like it is slowing down. If you are wondering why you see some homes sitting on the market and some even doing price drops. These homes are usually overpriced and not being listed at the current market value.
From a buyer's perspective this means that even though we are getting into the fall and winter months the market is not slowing down. So you want to make sure that when you love a home you are putting in a strong offer. Also having an agent that as soon as a home comes on the market that you like that you are seeing that home as soon as possible. Another component as a buyer looking for a home is making sure you have that pre-approval letter from your lender. This is very important because when you find that home you love, you want to be able to make an offer as soon as possible. So make sure to work with your lender and have that pre-approval letter ready.
If you have any questions about the current market or any other real estate questions please feel free to contact me anytime. I would be happy to answer any questions or guide you through the process of selling or buying a home.
Haven Real Estate