The current market and the inventory shortage.
We saw very little relief in the shortage of homes for sale. Nationally, inventory at the end of April stood at 1.03 million homes for sale, which is down 10.4% from April 2021. At the current sales pace that represents a 2.2-month supply. Because there aren’t enough homes for sale, those on the market are selling quickly.
What does all of this mean?
Make sure you are working with a good agent who knows the market and has their “ear to the ground” knowing what homes are coming on the market. You will likely have to move fast.
From a financial perspective this is obviously a great time to sell. If you have thought about it, reach out to a strong agent and get information. One of the best places to start is by learning how much your home may be worth. Contact us today to have one of our agents look at your individual situation and give you a starting point.
One of the concerns many sellers have today – will they be able to find their next home? Yes, but you may have to be creative and again the power of a great agent helps. Here are some things to consider:
Thankfully our region has enough land for new construction. With the equity you’ve built up and near-record low mortgage rates, you may be able to afford a new home. And we have plenty of opportunities with the Hills, Woodbridge Villas and The Echoes.
Many sellers have a negotiating advantage when they compete for their next home because they may become “cash buyers.”
We can put contingencies in your contract that can allow you to stay in your home until you find your next one or lease your home back from your buyer.
Want to learn more about how Irish Realty can meet your housing needs? Read here