There’s no denying we are still in a sellers’ market; and if market conditions remain steady, we will be for some time. However, there is a silver lining for homebuyers…inventory levels may be trending up. This can be a positive for both buyers and sellers, but means sellers will want to make sure their home is priced right to increase visibility and peak buyers’ interest.
With the number of vaccinated individuals growing and things returning to a level of normal, more sellers will be ready to enter the market. This is good news for the many buyers who’ve been searching and bidding, and hoping and wishing for more inventory! For example, the Seacoast Board of Realtors’ June market report for single-family sales, noted that inventory levels for the month reached their highest level since October.
Even though inventory levels were up, sales for single-family homes and condo units in June remained flat, according to the Board. However, they did note, “For the first six months of 2021, sales are up 3.6% and median sale prices are up 14% at $600,000.”
Now more than ever, sellers entering the market will want to be careful they price their homes correctly to be competitive as inventory looks to rise. Buyers are fatigued and many are willing to walk away from a listing, if it means they avoid another bidding war. According to this recent Keeping Current Matters blog post, “…a high price tag doesn’t mean you’re going to cash in big on the sale.”
A higher list price can actually limit the number of prospects, or potential buyers, interested in your home; it could cause your house to sit on the market longer; and may require a price drop which can raise questions.
Work with a realtor to determine a fair list price for your home. A local realtor will know how the market is shifting in your area, and will look at current conditions and sales to determine a price that will get your property noticed, and sold.
Have you been thinking of selling? We’d love the opportunity to sit down and discuss current market conditions with you and your property’s value.