Lower Inventory Levels Prompt Many Sellers In Waiting to Get Off the Fence

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As we move closer toward the summer months, more and more sellers are beginning to see how quickly some homes in their neighborhoods are moving off the market. In fact, buyers today are eager to lock in the still very low and near historic interest rates that are bound to rise within the next year. Here are just a few of the advantages sellers in a low-inventory market.

Multiple Offers
It goes back to the basic law of supply and demand; the fewer inventory there is, the more homes are in demand. With fewer homes on the market today, particularly well priced homes in good condition and in good locations, buyers are on the prowl and they know not to waste too much time. Many sellers these days are receiving multiple offers, giving them a choice in the matter – whether to choose a buyer that has a stronger financing outlook or fewer contingencies or better timing.

Fewer Contingencies
Buyers know that in order to get their bid accepted, they have to be flexible. One of the ways they do that is to offer fewer contingencies on their purchase agreement. Whether this means a buyer willing to take less time for inspections or waive some contingencies altogether, for the seller this translates to more assurance the transaction will go through smoothly.

Fast Turn-Around
Days On Market is a statistic closely studied by real estate agents as a measure to gauge market interest in a property. With more buyers on the lookout for good homes, fewer homes available for sale quickly reduced the total number of days on market before going under contract. A seller’s market gives you the benefit of knowing you will likely sell your home relatively quickly.

More Money
It goes without saying that sellers want top dollar for their home. Once again, with buyers out there vying for the same few good homes that are on the market, naturally they want to get the home of their dreams so they are willing to offer at or above asking price. Get more than one buyer on the table and price wars start to ensue.

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Right now, for the first time in years sellers have the upper hand. Why wait until the market starts to shift again and you no longer have an edge? It’s a great time to sell right now. Call us today and we’ll gladly provide you with a home value report that will tell you what you can expect to get for your home in today’s marketplace.