I swear. If you ask any Memphis or surrounding area residential real estate agent how the market is going, within 3..2..1..., you will hear them utter the words, "The inventory is so low!" I have been a realtor for 12 years, and I promise you, I don't think I have seen an inventory as low as the one that exists in this very moment.
First things first, what is inventory? Inventory is what we call the collective number of houses on the market, that are listed for sale. Secondly, what do I mean by the inventory is low? It means that there are a lot of buyers looking for nice homes to buy for their families and grow old in, but unfortunately, there are not a lot of homes on the market for them to view, let alone buy. This poses a couple of problems.
#1. The fewer homes there are listed for sale, the fewer homes I have to show you
whenever we go to view property.
#2. Whenever we finally DO find a beautiful home that you would be willing to give
an arm or leg for, the competition is so thick, that there are maybe 7 other
singles, couples, or families waiting to fight you over it.
At the end of the day, I am here to provide solutions to problems. So I will top it off by saying this. If you find a house that you like, love, and you just GOTTA have... put a ring, I mean offer on it! Think of it this way. What ends of the earth would you go to get it? Would you pay more for it than the asking price (strongly consider this)? Would you put down more earnest/trust money (this will be discussed in a future blog)? Would you pay your own closing costs instead of asking the seller to pay it?
You have to be aggressive in your offer, especially if you know it is a multiple offers situation. And no, the prices and terms of the other offers are usually not discussed with you. You have to simply offer your highest and best.
My other solution is to promote and market to homeowners all over that now is the PERFECT time to sell their home. In most cases, sellers are racking up more than fair market value because of the low inventory. This is what we call a "Seller's Market". My advice to sellers is to revel in it now, because it won't last long. Especially as the warm weather begins to break, more sellers will start positioning themselves to get their house on the market and the inventory will begin to balance itself out.
Hope this helps buyers all over waiting patiently for their dream home and motivates the sellers to help them out.
As always...Read. Share. Return. Repeat.
P.S. Please leave a comment.
"I agree because..."
"I disagree because..."
"Thanks for the info"
Can you tell me what..."
"Can you tell me how..."
All comments are welcome. I want to know that you were here!
Hi. I'm Tamara Manuel. I am a wife, a mom, and a realtor. I am like many of you, in that I juggle and wear multiple hats at any given time. I am easily inspired by others and have been told that I inspire a few myself. This blog was created to help inspire you to purchase a home, or if nothing else, equip you with plenty of knowledge so that if you ever decide to, you will be an informed buyer or seller. I just have four requests of you...