While all of us in the real estate world are gearing up for a very hectic and fast paced selling season, those of you who have not participated in the market in many years may not understand exactly what's impacting our real estate market:
- Historically low levels of available inventory
- Double digit year over year median price increases region wide
- Nearly 20% of contracts failing
- Multiple offers on almost any home at or below median value
- Few entry level options available to first-time buyers
With intense timelines for both buyers and sellers, the thought many might have is "why bother"? Many sellers would consider moving to capitalize on their home equity to move up, but not knowing how to logistically coordinate their sale and purchase, many are left sitting on their hands. Some sellers want to know if they're going to sell, and buy at the peak. Lower end buyers also understand there will be increased pressure to make quick decisions on tight timeframes due to massive competition from other first time homebuyers and investors. Many say, "we'll just wait".
Fear has crept into our real estate market and is influencing every side of the transaction. In my experience, these fears can be easily mitigated with the right approach and preparation. There is no need to fear this real estate market, I promise.