It's no news to house hunters that the pickings are slim in today's real estate market. While that has been true for several years, the pandemic has made the situation worse as virus-wary home sellers have pulled their properties off the market, resulting in sky-high prices and out-of-control bidding wars for the remaining stock.
Inventory Shortage Equates to Stiff Competition Among Buyers!
Median home prices soared 15.4% annually, to $346,000 in January, as a result of the shortage. That means buyers should gear up for battle—it's going to be a very competitive spring home-buying season.
"It's tough for buyers, particularly first-time buyers dealing with limited options and fast-rising prices," says realtor.com® Chief Economist Danielle Hale. "We're looking at an all-time low number of homes for sale and record numbers of buyers trying to get into the market."
What is our market like?
We are in the same boat as the rest of the country! We are seeing an all time shortage of inventory, and a continuing appetite for housing from the "Echo-Boomer" community. For sellers, this is AMAZING news as many sellers are seeing HUGE profits on homes they purchased as little a 18 months prior, and are getting terms that make it almost impossible to say NO!
What is the Risk To Sellers?
From a sellers prospective, huge sales profits are great, but you too may find a suitable replacement hard to find! If you are selling for a more maintenance free lifestyle like a condo, there are several options being constructed all over the Evansville and Newburgh area; however, if you are looking to land a smaller, or more modest home, well, then you too may pay unprecedented high prices for your replacement property. However, sellers leaving the homeowners market now would be CRAZY not to cash in now. The combination of property shortages, coupled with record setting interest rates and mortgage terms make for a perfect storm of profit for sellers!
So...Has the Though of Selling Crossed your Mind?
If so, what do you have to lose? Call me today at 812-459-4030 and I would be HAPPY to give you a no cost, no obligation, market analysis of your homes value, and potential marketing time!