If you live in South Central Pennsylvania, or in a number of different markets across the country, you’re probably experiencing a low-inventory market right now. Right now, we have about 40% less home inventory than we had at this point last year. That’s a significant shortage and something we haven’t seen in quite some time.
There are a number of reasons for this shortage. One that comes to mind is the recession’s effect on home building. It now takes builders and developers more time to get permits and construction can be slow to start out. If demand has eaten up the available inventory already, that could really affect the supply.
The shortage means different things to you if you’re a buyer than if you’re a seller. If you’re a seller, this is a fantastic opportunity to get your home on the market. You can get closer to your asking price than ever before and have a quick closing, too. As long as your home isn’t overpriced, that is. Overpriced homes don’t sell in any kind of market.
If you’re a buyer on the other hand, there will be some challenges no doubt. When you find the right home, however, you should be prepared to act quickly or else someone will get the property before you.
If you’re thinking about selling your home in the spring market, I’d be happy to offer you a free, personalized home value estimate for the entire month of February. Just give me a call or send me an email and I’d be glad to help you out. If you have any other questions in the meantime, don’t hesitate to contact me. I look forward to hearing from you soon.