The competitive spring market for homes
Just today, when I was sitting down to spend some time writing about the real estate market, a close friend who is working in real estate walked in to get some advice. The problem that she was facing was that she’s got too much business coming in. She’s meeting with seven different people about selling their homes in just under a week.
Obviously, her problem is the problem we all wish we had — too much business — but she is a prime example of what’s going on in our market. We’ve got one of the most competitive markets we’ve seen. In fact, Danielle Hale, the chief economist for Realtor.com said, “I think it’s fair to say this is the most competitive housing market we’ve seen in recorded history.”
Now, economists don’t say this type of thing lightly. Savvy sellers are seeing and shifting to sell in this market. When Danielle says that this market is competitive, she is telling us that buyers are competing over a very small inventory. Just recently, a client offered full price for a home the first day it hit the market, and someone else offered a better deal the same day.
If you are considering selling a home, this is great news. Nothing is better to help you get your house sold than having lots of buyers ready to compete for your home. This insane competition is exactly what is fueling my friend’s business overload.
Today’s buyers and sellers are savvier than ever before. The internet has provided them with enough information to take advantage of every situation, and they are. With the astonishing low inventory, and the surplus of buyers, homes are in demand.
If you’ve been considering selling your home, this is the time to do it. Inventory is low, buyers are competing, and the sellers haven’t yet shifted to meet the demand. As we get further into spring and summer, agents expect to see more
and more homes come on to the market. However, with the increase in supply, demand will diminish. With diminishing demands, we will see the competition drop off.
The last thing anyone wants to do is to get their house on the market, and then have it sit there for months or even years. It’s not too long ago when my biggest problem was finding anyone who could afford to buy a home, today we’re looking for sellers.
So, if you’ve been considering selling your
house, now is your time to shine.
But here is some sagely wisdom for you. I always tell people looking for an agent to interview at least three. It really does matter choosing the best agent, and the neighbor who just got their license might not be the best choice for selling your home.
Once you’ve chosen the
realtor that works for you, make sure that you have your exit plan lined up. If you accept an offer the day your house goes on the market, you’ll be needing to find your new place fast. If you have a new one lined up, great. If you’re going to move in with a relative, awesome. Just make sure that you have plans, because, in this market, I can promise you your house will sell fast, and the price will be high.
Best of luck with your real estate dreams in 2018, it’s looking like a great year.
Wayne Megill is the Principal of The Wayne Megill Real Estate Team of Keller Williams
Brandywine Valley and the President of Megill Homes Inc. For buyer or seller representation, or for more perspective on the local and national real estate market, please email Wayne@waynemegillteam. com and visit The Wayne Megill Team site at www. pahomesandrealestate. com.