The Market Shift
Whether people want to believe it or not, the market has completely changed from the burst (2009-2011). In the burst time period, people were just begging to find a buyer and ecstatic to keep the buyer happy. Buyers received great prices for homes. They could be choosy and might not have gotten everything they wanted but got fantastic prices.
Now fast forward to 2015. Inventory is low. The December 2014 Central Ohio report stated that there are only 3 months left of inventory for Central Ohio. What does that mean? Basically, in 3 months if nothing new came on the market and people bought what was available, we would have nothing left to sell.
How has that changed? Well, the normal market is a supply of 5 to 7 months. We are at 3 months. If properties are priced right when they go on the market, they go off the market almost instantaneously. The buyer’s market has ended. We have swung to a seller’s market.
Some buyers are not yet ready to believe this. People still think they will be able to get the same deals that were available in the 2009-2011 market. Yeah, nope.
It was a totally different market back then. Fantastic deals are going to be harder to come by and no longer should we ignore the Comparable Market Analysis that tells us about the last 6 months of sales for an area. Whether buyers and sellers want to believe it, the market has shifted to benefit the sellers.