Low inventory is driving multiple offers for home sellers. It’s creating a huge demand for homes and driving prices up.
Low Inventory Driving Multiple Offers. There continues to be a huge demand for homes in the local area. Prices are steadily increasing due to lack of inventory, coupled with buyer demand.
The local market has been in a strong seller’s market for some time with seller’s seeing a higher sale price, multiple offers, buyer’s waiving inspections and even appraisal contingencies. To find out what’s happening in your zip code area, this market report can tell you.
Two years ago, only homes priced under $160,000 were in a seller’s market. Higher priced homes were more balanced with homes selling for 97-100% of list price, some seller concessions and no waived inspections/appraisals.
Fast forward to Fall 2020 and the low home inventory moved up to the $180,000 – $220,000 price point. Many sellers received 20+ offers on their homes. Home Buyers were putting offers on 4, 5 even 6+ offers before getting an accepted offer on a house. It’s important to get out to see a house within hours of it going up for sale. To get notified as homes come on the market, click here.
Now, homes priced around $400,000 – $500,000 are struggling with inventory, too. If you are considering making a move in the next few years, there may be a huge financial advantage to making that change sooner. Interest rates are typically lower in the first part of the year and we can time your move so you won’t be homeless.
Let’s talk and see how much equity is in your house. There may be a financial reward you may not have considered.
402-880-9027
