We’re In A Seller’s Market

It all began as the inventories of existing homes nationwide started to shrink. Sellers all across the country are now staying in a home longer than they did in past years. In the past on average folks stayed in their homes for seven years, nowadays it has stretched to ten years. With more buyers coming into the market due to the rising cost of renting, the competition for existing homes has resulted in many multiple offer scenarios. Not good for buyers, especially those who are buying their first home. Here, in our own area, the demand is larger than the existing supply. For those sellers who are realistic in the pricing of their homes, they will often see several buyers competing to buy their property, which will continue to drive up the prices. The plus side for the sellers in this market can be when they follow the advice of their Realtor, and price their property a bit below market value, the results often lead to offers exceeding the asking price, as well as the reduction of contingencies. Both buyers and sellers need to be careful in this type of market. Mistakes in judgment can be very costly.

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