The National Real Estate Market Has Shifted . . .
The real estate inventory has shifted and the days of buyers being able to take their time and look at several homes is ending. Real estate housing inventory levels has been decreasing, signaling a possible turn in the real estate market. Unique properties, well priced properties and move-in condition properties are seeing a bidding war among buyers due to the decreased real estate inventory.
A recent Wall Street Journal report highlighted a couple looking for a home in Palo Alto, California, who realized the difficulty of bidding in today's market. The news source reports that the couple bid whopping $1.1 million. The couple were surprised to learn that there were 10 offers on the home and that they were outbid by a couple thousand dollars. The low inventory has created a frenzy like 15 years ago.
In today's environment, this is occurring more often. According to the RE/MAX's monthly National Housing Report, inventory of homes for sale fell 3.7% in April. This report also noted that the statistic was also 25.6% lower than April 2011. Further, the RE/MAX monthly report stated that the month-to-month inventory has now fallen for 22 consecutive months.
Thinking about selling? . . . Maybe this is the time. The moons are aligning.
According to RE/MAX, the change in inventory brings the monthly supply to 5.3, lower than the 6-month mark which signals a balanced market. The real estate market has shifted from a strong buyer's market to a soft seller's market. With more decreasing real estate inventory and the market could shift to a strong seller's market.
RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?
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