Market Puts Sellers in the Driver's Seat

Watch on your mobile device >>

Everyone asks us about the market. A very important factor that influences the state of the market is inventory. The supply of homes is dwindling and, in fact, it decreased substantially in the first quarter. Since there are fewer homes on the market, there’s more competition for those available homes, so what does this mean for you? Here are a few tips for both buyers and sellers.

Sellers are in control, so don’t lose an opportunity when it presents itself. Low inventory often translates into multiple bids, high list-to-sale price ratios and being able to negotiate better terms. It’s a great time for sellers. 

When selling your home, if you want to get top dollar for your property, take advantage of the low inventory. Here’s the thing: supply and demand affect what you’ll get for your home. When everyone who has been thinking about selling their home puts their home on the market is not the time to dive in—if you want to get the most out of your home. At the end of the day, you have a better chance at success if you decide to sell now, instead of waiting until all the Joneses get into the market.

If you’re in the market to buy a home, patience and timing are everything. When a home that you’re interested in hits the market, plan to see it as soon as possible and make the best possible offer that’s at an appropriate price point for the seller. Remember, inventory is low. If you hesitate, the property could be gone because others will be making offers. 

Keep in mind that mortgage loan rates are still fantastic, which makes buying a home more affordable than ever. A 30-year fixed-rate mortgage hovered at record-low rates during 2012 and are still low into 2013, but the rates won’t last forever. If you wait and interest rates rise, you could get locked into spending a few hundred extra dollars a month on your payment.  

Give us a call so we can tell you where to be positioned and how to be successful in the market. Please contact us at (858) 205-1020. We’d be happy to assist you.