Let’s talk about light inventory: what it means to a buyer, what it means to a seller and even what it means to agents all over town.
Light Inventory is the first indicator of a sellers market. It is simply a part of ECON 101 and the rule of supply and demand.
There are challenges for both buyers and sellers when the inventory is light.
The Challenges
Sellers will perhaps struggle with multiple offer situations. They will find that finding their next home will be a challenge in a light inventory market. They can also feel (no matter what accepted price) that they “underpriced” their home if it sells too quickly.
Buyers will struggle with multiple offer situations too, they will miss out on seeing properties simply because their schedules will not allow them to see the home before it goes pending and they may be in a position to pay a price that is higher than they would like as the markets recovers.
Three tips for Sellers:
1. If you are thinking about listing your home in Ottawa, Kent or Allegan County, call BlueWest Properties today, www.bluewestproperties.com 616-581-2241. Get a market analysis, and get on the market and seen now. Why wait until you are one of 20 homes in a few months with signs in the yard? Be the buyers’ best choice today.
2. Have an agent who is helping you to find a home as soon as you are listed. You should be growing a short list and looking now so that you are prepared home when you are under contact.
3. Make sure that your REALTOR has provided you with valid comps for your neighborhood and a CMA. You deserve to have all of the information prior to setting a listing price.
Three Tips for Buyers:
1. Get pre-approved with a lender that you trust prior to making any offer (chances are the seller will not accept your offer without this pre-approval anyway). Know your payment and make sure that you are shopping in a comfortable zone of the market.
2. Don’t fall in love with the first home that you see and then think it is the end of the world if you miss out on her (yes, I call homes “her”). Another great home will come along, I promise. Have a few on your list.
3. Make sure that you are taking into account the neighborhood, as well as, the home. The first rule of real estate is “Location, location, location” for a reason. Don’t just think about the home and not the area around it—you have to love the location too.
Anything confusing, want more information about something we’ve said? Call us, anytime. We are here, ready and excited to help with all of your Real Estate needs.
Let’s Chat! 616-581-2241
All the best,
Meg
A great read: http://realestate.msn.com/ten-tips-for-homebuyers-and-sellers-in-2014
