Attention sellers: Now is the time
If you’re interested in moving, actively looking for a house or just casually keeping your eyes on the local real estate market, you might be wondering: Where are all the for-sale signs?
If it seems like there are hardly any homes for sale, you’re right. Real estate inventory is the lowest it’s been in a long time, particularly in the Midwest and here in Sheboygan County. Though this makes it tough on prospective buyers, it’s great news for anyone even remotely thinking about selling.
Active listings in the Midwest are down more than 45 percent over last year, and homes are remaining on the market less than 12 days. Locally, many sellers are getting offers within hours of listing their homes.
Because options are limited and buyers are so motivated, they’re more accommodating and creative than ever. Offers are being written to include all kinds of things that never used to be common. For example, some buyers are willing to forgo a home inspection or certain repairs to secure a deal. Also, sometimes buyers will rent their newly acquired property back to the sellers for some agreed-upon period of time to give them more time to find a new place of their own.
The biggest difference, however, might be that almost no property is going for the asking price and definitely not for less than asking. Buyers are going as far above list price as they need to to make the deal, which is a huge benefit to sellers.
If the thought of selling has crossed your mind but you’re waiting for some vague future date to make a move, it might be time to reassess. There’s never been a better time to be a seller. We can help you get started with a free Comparative Market Analysis, so you know what your home might be worth to a buyer.
The good news isn’t limited to sellers. Though there’s a scarcity of real estate inventory, buyers have the benefit of low interest rates that are staying favorable as the economy starts to rebound.
Eventually the market will balance and may ultimately tip to favor the buyer. Things have a way of evening out in the end, so take advantage of conditions when they’re most favorable to you. If you’re not sure what to do, let us help you. We can advise you whether you’re interested in buying, selling or just finding out what your options are.