Hendersonville NC Real Estate Blog: Buying a Home in a Low Inventory Market

Buying a Home in a Low Inventory Market

Buying a Home in a Low Inventory Market

I just read the article in RisMedia titled 'Inventory on Longest Downward Stretch in Two Decades'. It talks about the fact that we have been in a 24 month stretch with the lowest inventory month over month in decades.

As a buyer or seller it is important to understand the ramifications of this information.

In our area this is most definitely true. So few homes are coming onto the market, and prices are steadily rising. Homes are going from listing to close in an average of 80 days the last 3 months. Some homes are going under contract within hours of being listed. Prices are creeping up a little every month.

What this means for sellers is that they better have a place to go to before selling their home. Having a good game plan is crucial to avoid being homeless. Because inventory is so low here in Henderson County, we have seen a good number of buyers go into a rental so that they can wait for the right home to come onto the market, and then they are not pressured to buy whatever is available at the time. It is a good game plan, but needs good planning ahead of time as well. Because so many people have decided to do just this, we are now in a shortage for rentals. So again one must be prepared for all aspects issues that can happen in this market.

For buyers, it is important to have a Realtor that is on the ball as well. Your agent must know exactly what you are looking for, and be able to contact you to get you in as soon as a home comes to market that meets your needs. On your part you must have your ducks in a row as well, with financing, and being ready to sign a contract quickly. It is crucial to be ready with bank approval in hand. Most sellers will not consider an offer without it in this kind of market. You and your agent must be ready for a quick inspection and a willingness to negotiate the repairs quickly and efficiently to get to closing.

Finding an agent that is knowledgeable about the market and ready to act appropriately under these conditions is crucial. Doing your homework and having your side ready to go is equally important.

Need more information on this market? Give me a call to discuss your next real estate transaction.

Buying a Home in a Low Inventory Market

Jerri McCombs, Advanced Virtual Assistant 

828/553-5190 or info@JerriMcCombs.com

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Comment balloon 2 commentsJerri McCombs • July 05 2017 01:11PM

Comments

Jerri, great post, and many cities are experiencing low inventory giving Sellers the upper hand.  It is wise to use a seasoned REALTOR in these markets!  

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) over 1 year ago

Thank you #Joan Cox, Yes from what I can see so many areas are in the same boat. It is a very tough market for buyers! Sellers really do have the upper hand. Finding someone with experience is critical in this market, whichever side of the sale you are in.

Posted by Jerri McCombs, Hendersonville NC Relocation (Hendersonville NC Relocation) over 1 year ago

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