That doesn’t mean you have to renovate! LOL It just means your home will stand above the crowd if you use a bit of elbow grease before going on the market. Keep in mind – again – this happens when the condition of your home matches the price point. In fact, in the last 3 to 4 weeks, we have seen that homes who are priced right at or just below market value, have ended up with multiple offer scenarios driving the purchase price above asking price – sometimes significantly! They will not pay top dollar for homes whose condition do not match their price. Home values have risen but we know locally, that buyers are also very savvy.
This means that in addition to fewer homes being on the market, we have also lost a few buyers who were ready, willing and able 6 to 8 weeks ago. Okay, that is a really good question! With the current pandemic and uncertain times (see how we have adapted) for the economy, right now, in addition to low inventory, some buyers have become unqualified due to furlough or job loss. What should I do if I Want to Sell when Local Inventory is Low? Nothing wrong with that, either! Just know it’s a commitment and could be a few years before we experience a Seller’s Market like we have right now. If you are happy with what you have, stay put. #3 – Keep your home and ride out the markets.
Interest rates are still very low and even if you bought your home 2 years ago, you can pull the equity out and put it into home renovations, paying bills or just in the bank for a rainy day! #2 – Refinance – if you are happy with your home, consider refinancing. You can use that extra money to buy a bigger home! Or, downsize and put some in the bank! #1 – Sell your home now and realize the equity that has built up over the last 2 to 10 years. Many sellers have a good deal of equity in their home based on today’s market values. Homeowners in general have seen their home values rise month after month. Sellers have enjoyed an unprecedented Seller’s Market now for a few years. So far, this one is just starting and moving slow at the moment. Some shifts can happen almost overnight (think Great Recession) while others are a bit slower. Keep reading… What is a Shift?Ī shift is a change from current type of market (seller’s, buyer’s or neutral) to another type of market. We are entering the outskirts of what we call a “shift” in the real estate market. Will that change? Of course, the pendulum is always moving, albeit, slow at times. While times are a bit strange, people still need homes and the fact is, there are not nearly enough homes to satisfy the need meaning we are still in a Seller’s Market. In addition, in all of the 16 counties included in the Metro Indy MLS, we have only 1.6 months worth of inventory! Definitely a Seller’s Market right now!
#Low home inventory code#
Local inventory is low, I mean VERY LOW! At the time of writing, there were only 14 homes in the Pendleton, IN zip code for sale on the MLS.
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