In any real estate market, there are various factors to consider before you list your home for sale. One factor to think about is the number of homes on the market, and luckily for sellers, there have been a limited number of homes available.
As we head into the spring market, there is a high demand for homes but a low supply of inventory for buyers to choose from. Let’s explore why low supply benefits sellers and the perks of selling your home in a low-inventory market.
Less Competition
Less inventory means fewer homes to compete against, which is a huge win for sellers. Not only does this mean more attention from buyers for your home, but it also means your home can attract more serious buyers who will hopefully place strong offers.
Faster Sale
It should come as no surprise that a lack of inventory means homes are more likely to sell faster and more efficiently. Most listing agreements are for six months, but in a low-inventory market, your home will sell quicker than that. This not only means fewer showings but also less time spent ensuring your home is spotless for potential buyers.
Stronger Offers
High demand means you can get a higher sales price and better contract terms from buyers. If your home is well-maintained and located in a popular area, it’s likely you’ll receive multiple offers and be able to choose which one you want. This gives you some leverage to negotiate the terms you’re looking for.
More Negotiating Power
Speaking of negotiating, sellers have the upper hand in low-inventory markets because the buyer wants what they have. Chances are, many buyers have been looking for the perfect home for a while now, and they’ll put forward their best offers to secure the home. As a seller, this means you can ask for exactly what you want in terms of sales price, inspections, concessions, and more.
If you’ve been thinking about listing your home during the spring market and want to know what you can do to help your home stand out, reach out to us at 512.609-8098 or info@prismrp.com! We would love to provide our expertise and answer any questions you might have.