According to the National Association of Realtors the inventory of homes for sale in our nation is still very low, while the demand of buyers continues to climb. The current housing inventory is sitting at just a 2 month supply, while a typical, “neutral” threshold is a 6 month supply. What does this mean for you if you’re thinking about selling? It means that due to the astonishingly low inventory and increase in competition amongst those looking to purchase, buyers must step up their game when it comes to submitting offers, putting more money in the pockets of home sellers.
In addition to the already high demand of buyers, mortgage interest rates are at an all time low – making it even more affordable and attainable for them to make their purchase dreams come to life. This makes the pool of buyers seeking a home even larger, while market inventory has continued stay low.
Overall, this has lead homes to appreciate, allowing sellers to get top dollar for their property in today’s competitive market. With the increase in competition, its common to see multiple offers, bidding wars and cash deals when possible. Therefore, now more than ever, its crucial to team up with an experienced real estate agent to help navigate this process, whether you’re looking to buy or sell! For more information about ERA Team VP or to connect with an agent, head to www.erateamvp.com.
Remember when you learned how to use the jungle gym rings in grade school? If you wanted to get anywhere, you had to build up enough courage, motion, and strength to let go… and trust you would be able to grab onto the next ring, getting you one move closer to your goal!
Buying and selling a home can be a lot like learning how to get across the jungle gym. You might miss your next ring, but you won’t get better if you don’t try again. You might dangle for a bit, until you have the right help come along and give you a nudge in the right direction. You might, however, get it the first time and ‘nail the landing’!
The Repair Dilemma:
Sellers have never been more fearful to try their luck at the real estate ‘jungle gym’, and here are three major reasons why:
We understand that putting your homes best ‘foot forward’ is to ensure it is looking its absolute best when a potential buyers walk through! Also, people don’t want to put a lot of money into fixing up their home just to turn around and sell it again… Especially knowing what kind-of a market their walking into! Let’s review a couple of different approaches that could be taken.
Sell as is: If you are at peace with selling your home as is, then do it! Fix the basic items (replace lightbulbs, repair screens that may be ripped, tighten hinges on cupboard doors, etc.) and make sure your home looks cared for. Potential buyers will still see the love you have given your home even though you might not want to splurge to have that big deck put on for someone else to enjoy. Also, if you’re looking for a few affordable and fun projects, check out 5 easy ways to upgrade your home.
Pick your investment: While you might not be interested in fixing every little item, you might want to invest in the most important ones. If you have spoken with a real estate agent…, they know what to look for. They will be able to advise you on what will have the biggest impact on your home’s sale price. The greatest agents will have terrific advice that will not break the bank but will get your house ready for the market!
In the housing market, the seller and the buyer are, in many cases, the same person – the existing homeowner. To buy a new home, you must sell the home you already own, and then find a home you like better. With the market being as tight as it is in today’s housing market, the risk of selling, if others do not, prevents many existing homeowners from selling. The result? Prices are further bid up by competition for the increasingly short supply.
Sellers also think their home might not be worth as much as what they need in order to buy a home in a market like this. This is the ‘nudge part’ of the jungle gym analogy. The hesitation is understandable, but that is why relying on a great support system, for example, the agents at ERA Team VP Real Estate will give you the nudge in the right direction. With a free CMA [Comparative Market Analysis], these professional and knowledgeable agents can help capture the value of your home, which in this market will likely sell for more than you would expect! For a free valuation of your home, contact one of these qualified agents in your area.
The complexity of the process is overwhelming:
There is no doubt that this process is complex….and at times overwhelming! From the beginning of packing up your house, going through the emotions of excitement and sadness to the elatedness of finding your dream home and looking forward to moving in… it is a lot to process, a lot to do, and a lot to keep organized! The right Real Estate Agent is key to eliminating stress and complexity while providing peace of mind throughout the entire process. Finding an agent who recognizes the value of your home, who communicates well and genuinely cares for your needs is crucial in making an overwhelming process a walk in the park.