After all that happened last year, inventory is finally changing.
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Today we’re back with another edition of “Q&A With Lori” where we’ll answer a few common questions we’ve been asked about the current market.
What’s Going on With the Current Inventory?
We’ve been tracking the inventory in the surrounding areas for nine months, and we’ve noticed a slight increase of about 1% or 2% in each town around us, depending on the population. It might not sound like much, but that’s actually pretty good for the area.
Now that COVID has lapsed a little bit, people are beginning to feel more comfortable and states are starting to open up little by little. That confidence is leading to more people putting their houses on the market.
We’re very excited about this increase in available supply, as buyers have a bit more selection. I suspect that interest rates will stay the same throughout the year, so more options and great affordability will definitely provide some much-needed relief. Many people have worried about a potential housing bubble on the horizon, but I don’t think that’s going to happen. The market will (slowly) improve over time and someday return to what we might call a more normal market.
"More options and great affordability will provide some much-needed relief."
Is Now a Good Time to Sell?
Now is an excellent time to sell your home, in part because inventory is still low, despite these recent increases. Low-inventory markets tend to drive up prices, which gives you the best opportunity to get top dollar for your property. Make sure to prepare your home for the market, as condition is still important for getting a good price.
Will My House Sell Quickly?
Homes that are in good condition and priced correctly won’t be sitting on the market very long. Our team can even create a coming soon listing for your home where we get it prepared for the market, including by taking professional photographs and drone videos. When we list it as coming soon, it’ll generate a frenzy of interest among buyers even before it goes live on the market. When it does go live, the ensuing bidding war will ensure that you get a great price for it.
If you have any questions about the market or buying or selling homes, don’t hesitate to reach out to us. We’d love to help you.
