At the end of May, we’re beginning the summer slowdown for the real estate market, which is good and bad news for everyone in the market. Inventory is ridiculously low right now (true for both resales and rentals), causing multiple offers for properties currently for sale. There are a lot of buyers currently in the market looking to take advantage of the low interest rates, but their hands are tied by the lack of inventory, which means good news for sellers:
The Good News for Sellers:
- Average sale prices are up
- There are pools of buyers waiting for the right house to become available
- Many buyers are also considering “projects” so if your house isn’t fully updated, don’t stress!
- We’re seeing multiple offers on many different types of housing
- Short timelines for contracts
The Bad News for Buyers
- Possible waits for the “right” house, be patient if you can!
- The time for getting a deal has mostly passed, so don’t expect to steal a property
- Most properties are selling for market value
- You may end up in a multiple offer situation
The right house will come up eventually, you just have to be patient. If you think something is overpriced, don’t buy it! I’ve had a couple clients who got in a multiple offer situation and prices just got way too high in my opinion, so I advised them to walk away. Depending on your situation, there’s no sense in overpaying for something just to buy a house….if you’re planning on this being your “forever” house, an extra $10k won’t make a difference, but if it’s a starter home or a shorter term investment, it can likely kill the deal. The right house and the right situation will come up!