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One of the driving forces in a real estate marketplace is inventory. Since the housing industry relies on the basic concept of supply and demand, as soon as inventory goes up – or goes down – the impact is immediately felt on the market.
Since 2006, our region has been experiencing very high levels of inventory and as a result the negative impact drove prices down. Now, for the first time since approximately six years ago, the number of available homes in our marketplace has gone down considerably. To provide some perspective, just last year we had 14.1 months of inventory on the market. Today that number is 7.1 months. What this means it would take that many months to exhaust the total supply of available homes on the market
Low Inventory Translates To Better Deals for Buyers
As a buyer the current market conditions work in your favor because you can enjoy added seller incentives and concessions plus the homes that are on the market would likely be better cared for and prepared for sale. Many sellers are working to beat their competition by taking care of repairs, minor renovations and even some major overhauling if updates are needed.
One thing to consider however is that with fewer homes on the market, especially during the busier spring season, there is a greater chance for multiple offers on the better homes out there. For this reason if you do come across the perfect home, try not to waste any time and put an offer on the home as quickly as possible.
Sellers Will Enjoy Less Competition and More Serious Buyers
Fewer homes on the market have a good impact on sellers too. In fact, with more buyers seeking their dream homes, sellers have the opportunity to entice buyers to their home with the right strategies. Paying attention to properly staging and showing your home, demonstrating flexibility on things like sharing closing costs or including appliances and updating your home are just a few of the ways to achieve selling success this season. If yours is a good home, in a great neighborhood and it is priced right – you will sell your home. In fact, you will likely receive multiple offers on the property, allowing you find the perfect buyers that suit your needs – giving you leverage that sellers in our area haven’t experienced in years.
No matter what side of the white picket fence you are on this time around, this is a great time for real estate in Palm Beach and no one should pass up this amazing opportunity. To find out more about our marketplace, I invite you to visit me for a custom consultation so we can identify what your real estate needs are and work to fulfill them in this amazing market!