It's a Seller's Market, so Where Are All the Listings?
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It’s a seller’s market and people are aware that now is a great time to sell their homes, so why aren’t we seeing more listings? There are three distinct reasons.
- Lack of inventory. Sellers are wanting to sell their homes, so they go out and look on the MLS for homes to purchase. But they aren’t seeing a lot of options. They don’t want to get stuck and be homeless.
- Lending guidelines have tightened up. When sellers are trying to move up, lenders are seeing a higher debt-to-income ratio that may have been left over from the housing crash and they see it as a challenge.
- A lot of folks are trying to “time the market.” They want to get a little more equity out of their current home so they want to wait so they have more to bring to the table for their next purchase. The problem with that is both homes are going up in value at the same time, so you’re not really gaining anything by waiting. Additionally, interest rates are also rising which if you wait and they go up, your monthly payment will be larger as well.
How can we navigate through this market without getting stuck? One thing to look at is off-market listings, which are generally comprised of folks who are getting their homes ready for the market. Ask your Realtor for those listings so you can see what’s going to come on the market when you’re ready to sell.
Another option is to look at homes that haven’t been listed on the open MLS. Generally these homeowners want their homes on the market but aren’t open to showings due to certain situations arising, and are only interested in ready, willing, and able buyers. If you’d like access to these listings or are looking for a comprehensive market analysis, give us a call.
If you have any other questions about this topic or you’re looking to buy or sell your home, give us a call or shoot us an email. We’d be happy to help!