20 May Interesting 2015 Spring Market Trend
I’d like to take a moment to explain an interesting market trend occurring in Real Estate. Right now there is a low inventory of homes meaning there are more buyers than homes for sale. Due to this homes going on the market are either selling very quickly or sitting on the market. Longer time on the market seems counter intuitive but it’s because there are so many buyers who are waiting to find the right house. When a home is listed buyers flock to see it and snatch it quickly. There is a swarm of showings and interest in the first few weeks. Homes that aren’t grabbed right away tend to stay on the market for 45-60 days. This trend will balance out as more homes come onto the market midsummer.
Another factor interacting with the low inventory is the high expectations of buyers. Televisions channels like HGTV suggest that all homes should include granite counter, stainless steel appliances, and be in move in ready condition. Even with low inventory in a buyers target area they can preview hundreds of homes all over the state and country through TV shows and websites like Zillow and Trulia. This can cause unrealistic expectations in a buyer as they start comparing your home to similar or incomparable homes in different areas!
Check out my post, “How accurate is a Zestimate?”
I personally had several listings receive offers in their first week on the market! We are at the end of spring market and I predict there will only be another month left of this low inventory “sellers market”. That’s just enough time to get in on it!
If you are interested in selling your home I offer a Virtual Price Opinion and an On-site Price Evaluation. Please contact me if your have any questions at 612-889-6496 or [email protected].
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