Low inventory can greatly impact your buying and selling decisions.
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What does low inventory mean to you? Whether buying or selling, low inventory can greatly influence you.
Right now, there is a 2.3 months’ supply of homes in our local market, which is considered a strong seller’s market. Anything below a four months’ supply of homes is a seller’s market, and the closer you get to 0, the stronger the seller’s market that it is. A four to five months’ supply is a neutral, balanced market, while anything above a five months’ supply is considered a buyer’s market.
So as a buyer, what does a 2.3 months’ supply mean to you? It means a lack of inventory. Depending on the location, price range, amenities, etc, there may be very limited options for you.
Depending on the location, price range, amenities, etc, there may be very limited options for you as a buyer.
Having a strong buyer’s agent that can help you identify a home that may not even be on the market yet may be necessary. My team is very active in finding new homes by speaking with brokers and prospecting if I cannot find it in our current inventory.
If you are a seller, what is important to learn about today’s market is that with a seller’s market there is less competition. With more buyers out there looking for homes, they are making sacrifices to get in homes. So, you may be able to get multiple offers as well as more money all in less time if you sell your home now.
Whether you are a buyer or a seller, please reach out to us. We would love to talk to you about a home buying strategy if you are looking to buy. And, if you are looking to sell, we can do a free home evaluation to find out how much your home is worth. We look forward to hearing from you soon.