The Tide is Turning
Just a short time ago, all the real estate activity taking place was all a Buyer’s Market. Now, within a very short time of the economic downturn, the tide has shifted. We are entering the realm of the Seller’s market.
What determines the Seller’s market? Significantly fewer homes available for sale at higher prices than the previous year, create the Seller’s advantage. Right now, there are more Buyers competing for fewer homes, causing a shortage of inventory.
Why are there fewer homes? Many Sellers lost equity in their homes with the down turn of the market. Rather than losing the value, they have decided to wait it out with hopes that the market will bounce back and their equity will increase. With Sellers holding onto their homes and building starts having been down, the end result is a lack of inventory.
The good news for Sellers, the price of homes is increasing as Buyers compete for a limited supply. Now would be a great time to see what your home is worth to consider adding it to the mix. Due to the short inventory, the competition is fierce and homes are going under agreement in some areas of Massachusetts within hours of being listed. Contact your real estate agent to see what the current value of your home is , and perhaps you too, can make a big splash in the market!
The down side for Buyers is that they have to really compete when making an offer. However, rates are still great for mortgages making it a great time to buy. It’s worth jumping into the fray and placing your offer.
