Competition and inventory are the two most unexpected problems for buyers and sellers in today’s market. So today I wanted to talk about these topics and how to be as prepared as possible.
For buyers, competition is a very relevant issue. Our currently competitive market has created the likelihood that the home you choose will not only be your dream home but also someone else’s. This can lead to a multiple offer situation.
The second unexpected problem is that buyers can expect to see a shortage of inventory in the market. Because of the shortage, nice, remodeled homes are seeing multiple offers. A lot of these homes are selling above their original asking price, making them more expensive now than before. Even homes which have not been updated are selling at competitive prices due to the low inventory.
Meanwhile, for sellers, many people are choosing to remodel their home before listing. If the home has not been upgraded to compete with those other homes, it may prove difficult to get the price that you want for yours. It is important to know that you do not have to complete much with regards to upgrades, but you will need to ensure that your property is move-in ready and appealing.
Buyers do not want to walk into your home and see outdated amenities. It should also be clean and tidy. Prepare your home and price it competitively so that you don’t alienate your listing from buyers searching in today’s market.
These situations can be tough to navigate, especially if you’re a first-time home buyer or not experienced in real estate. So, if you would like to discuss them further or have any other real estate needs, please feel free to call or send me an email. I would be happy to help in any way that I can.