Ready for a wild ride this spring Real Estate selling season? Looking at the Local Market Stats – January 2013 from the Columbus Board of Realtors®, we are in for a dramatic shift in strategies. With only a 4.7 months supply of inventory on the records, we have hit a sellers market. A neutral market is 6 to 7 months supply and a Buyer’s market is more than a 7 month supply of inventory. Basically, it should take us a little over 4 months to sell the rest of the inventory out.
The Word Is Spreading
This is not a local Columbus phenomenon… There have been reports nationally of lower inventories as well… Is There a Window of Opportunity for Sellers Right Now? You bet there is. Anytime there is low inventory, there is always a possibility that there are a number of buyers looking for the same exact thing, which could lead to multiple offers. Now, I’m not saying that every property has this chance. However, this is the time when we should start seeing increases in prices because sellers will demand more or there will be multiple offers that will go over the list price.
An Interesting Road Lies Ahead
If you are a buyer, the real estate game is changing and not to your advantage. Buyers are less likely to command the market on price as in the years past. This little seller boom may last a few months or a more; but, it is something to be aware of as buyers enter the market. It is a matter of jumping on the property as soon as possible versus the wait and see game. However, until sellers receive and believe the message that there is an inventory shortage, it may be more of a waiting game than you anticipated.
Are We In A Seller’s Market?
Pretty much, yes. If there are hints of more than one possible offer on a property, the exciting news for sellers is yes we are in a sellers market. However, do not get overly enthusiastic, sellers… The home still needs to be priced right to sell. Overpriced is still overpriced no matter what market you are facing.