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.
WHO WE ARE
SCOTTIE SMITH II & ASSOCIATES is one of Dallas/Fort Worth’s fastest growing boutique brokerage firms. We are located in the historic Deep Ellum District of Dallas, Texas and focus on addressing the needs of home buyers, sellers, and investors. We do more than close real estate transactions; we help our clients build wealth and restore communities!
Inventory Drops Again, Sales Slow [INFOGRAPHIC]Highlights:Existing Hom
"After going through a failed sale, a business partner introduced me to Scottie. He came over and did a walkthrough and presented me with statistical data on my house and neighborhood. Scottie had complete confidence that my would sell in no time. He was right! I was very impressed with the amount of traffic my house received, not to mention the contract. Scottie and his team were A1 and professional! After completing some "to-do" items for him and the buyers, I signed the paperwork and closed the sell of the house to the new home owners today! Smoothest process ever!"