3 Things… Does a Low Inventory = Sellers’ Market?

Mid-South real estate over the last few months has seen low inventory of available homes for sale with increasing buyer demand.   Sellers have a reason to be optimistic; however, the low inventory does not mean that selling your home will be quick or easy.   Today’s buyers are more informed, savvy and selective.  The “Buyers’ Market” mentality of the past few years persists.  Buyers expect updated features at a competitive price, and rather than settle, many buyers are choosing to wait.  And, if you are selling a higher priced home, you may have to wait even longer for the right buyer.

What does this mean for sellers?

  1. Be prepared for selective buyers. Pinterest, HGTV, and picture perfect homes in the media distort buyer expectations.  Buyers expect homes to be updated and exteriors to be inviting.  Sellers may need to spend money to make improvements… even though buyers may love to watch Fixer Upper, most can’t see past flaws.  Sellers should not be offended by buyer (or agent) critiques.  Use that information to help you stage your home for success.
  2. Be prepared for a longer marketing time. The entire home buying process takes longer these days.  Buyers are reluctant to commit and spend more time researching options.  It takes longer to secure financing and jump through home buying hoops than it once did.  Work with your agent to maintain the appropriate urgency with interested lookers.
  3. Be prepared to move. Once you decide to put your house on the market, be ready to move.  Start packing and be ready for the buyer who wants a quick possession.  Make sure your house is show ready, and partner with your agent to get the deal done.

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