Posts from March 12th, 2017
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How to Buy Successfully in a 2017 Seller’s Market with Low Inventory
The internet news have been in a frenzy over the challenges home buyers will face in the real estate market this year with record low housing inventory. According to the National Association of Realtors, the number of "for sale" listings fell to the lowest point in December 2016 since 1999. While an average balanced market has 6 months of inventory, sales at this fast pace could be gone in about 3 months. For the first time home buyers including millennials, the news is even worse with entry-level homes becoming more and scarce on the market. The first time home buyer currently makes up less than a third of the market, when historically they have been at 40%.
This poses a problem for the home buyer who is facing tough competition in a hot market, and certain conditions will make a difference. The most favored buyers act fast and pose smaller risk to the seller. The buyers who are pre-approved for a mortgage, have more cash for a down payment, and no contingencies are at an a...
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