Fans of the TV show Survivor know that in the blink of an eye the dynamic can change within the group.
Someone gets blindsided. Ooops! Reshuffle everyone.
Within the Greater Springfield area market, we have a shortage of inventory, which translates to a seller’s market. At the same time, there are variations in demand depending on price range, condition and location.
The news talks about FOMO (Fear of Missing Out) which caused pandemonium. Fast rising prices.
Multiple offers. Buyer panic. Homes selling above asking price. Buyers not asking for repairs.
Buyers not asking for closing costs. Cash buyers reigning supreme.
Having been a Realtor 35+ years, I’ve seen ups and downs. Big ups. Big downs.
I know that FOMO will take a cool shower, eventually. And it has, a little. Still a seller’s market, but we are seeing homes on the market a bit longer and we are seeing price reductions.
Buyers are cooling down slightly and becoming more discerning in their choice.
Some may be waiting to see what happens.
Active Listings in Multilist on November 1st over 7 years:
2015: 3,070 2016: 2,603 2017: 2,216 2018: 2,396 2019: 2,069
2020: 281 2021: 897
From 3,070 in 2015 to 897 today.
Timing is Important!
We listed a 5,800’ home a few years ago. There were 3 similar homes for sale competing. Soon there were 6. I suggested that we take it off the market until the inventory shrunk. We did. Eleven weeks later there was one left. We came back on the market and it sold immediately at a higher price.
It might be a wise choice to take advantage of the current shortage of inventory to gain the highest price for your home.
Two years ago, we were referred to a couple who wanted to sell their home and move to independent living.
Due to the condition of the home and the mortgage they owed, they would have to come up with cash to close.
However, this year the market changed. We sold it “as is” needing repairs and they gratefully walked away with $7,000 at closing.
For a free market evaluation of your home, call the Steven Shelley Team today. Why wait?
We can discuss your options. Let’s talk about your timing.
See my previous Blog on the amazing things we do to find you the next home when you sell.
Call Steven today!