Strategies in an inventory constrained market

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Strategies in an inventory constrained market
Gary Kelley, Realtor – http://www.MoveWithGary.com/
[email protected]
508-733-6005

By Gary L. Kelley, Realtor®

It seems everywhere I go the chatter is about the real estate market and the lack of inventory. Sellers are thinking it’s time to raise prices and list “as is,” while buyers are frustrated. Here’s what I could share with them.

 

Dear Seller,

Yes, your home is fabulous and unique, just like all the others in your neighborhood.  If you want it to sell quickly, you still need to get it on the market. You spent all winter contemplating getting the house on the market. It’s time.

While we are in an inventory constrained market, the McMansions are not selling overnight.  You must price any property correctly. Buyers have an unprecedented amount of data at their fingertips, and overpricing will only lead to a longer time on the market. And an overpriced house may not appraise so the buyer has an issue getting a loan. Need help pricing? Talk to a Realtor®. It’s time.

You still need to prepare your house, if only weeding out stuff. Buyers can’t see the house if the “Hoarders” TV show wants to feature your home. A good cleaning goes a long way. Often buyers don’t have vision when it comes to a house so if you need to do some painting start painting. It’s time.

Call now. It’s time.

Gary

 

Dear Buyer,

Yes, we are in an inventory constrained market. Yes, houses are selling faster than Guinness beer on St. Patrick’s Day. You can still compete and have the luck of the Irish in your house hunting.

To be effective, you need to be agile. This means if a house comes on the market Tuesday, you need to get in it. Waiting for the open house often assures the house will be “contingent.”  (We put a 3-bed, 1.5-bath ranch in Worcester on the market one Tuesday and had multiple over asking offers by sundown.)

Do your detailed analysis either (the night) before you see a property or during an inspection window. You should always be comfortable with a property. You should go to the building department and check history. You should analyze whether the house is in a floodplain. You should check the property out at different times of days. You can do this detailed analysis during the inspection period (a good reason not to waive inspection).  Buyers doing the research before offering can lose out on properties.

Inspections are to identify major structural, mechanical and life safety issues. Sellers are NOT obligated to bring a building to like new condition. Your Realtor® can advise on inspection findings and when you should pull out of a deal.

Be agile, be reasonable, be informed. We can help! Give us a call.

Gary

 

I’m not a huge fan of Zillow, etc. for buyers. Here is an app for your phone/tablet tied directly to the MLS: www.homesnap.com/Gary-Kelley

We’ve produced BUYER and SELLER guides and will mail to you. Please send your address to [email protected].

Gary is heard on WCRN AM 830 discussing “All Things Real Estate.”

If you need advice on selling your home or buying a new one, give us a call at 508-733-6005.

 

Gary Kelley, Realtor®

508-733-6005

MoveWithGary.com

[email protected]