During the past several months, the number of homes available for sale in most housing markets across the US became significantly lower compared to the increased buyer activity.
If you’re searching for the best way to sell a house, listing your home in a low inventory market gives you a perfect opportunity to get a top-dollar offer. In this page, we’ll take a closer look at some of the ways low inventory can benefit home sellers.
A low inventory market gives sellers a window to increase their prices, as many prospective buyers will be competing against each other for real estate options, often initiating bidding wars for properties that are on their radars.
Competition between buyers drives home prices up, increasing the likelihood of sellers netting more for their homes when they close the deal.
Less competing sellers
You have a greater chance of closing a deal on your home whenever there’s a low inventory of available properties on the market. In a market with a more balanced level of inventory, there’s no assurance that a property will sell, even if it’s in good condition and priced competitively.
With a discrepancy between the higher number of buyers and limited inventory, there’s a stronger likelihood of homes attracting potential buyers faster, sometimes getting offers within the first few days of listing.
This is mostly due to the fact that because of the limited options, many buyers are simply waiting around for new inventory to pop up. As soon as a fresh listing appears on the market, it’s likely that it’ll get a few showing requests within the first few days, and even receive an offer or two, provided it’s in good condition and priced reasonably.
Advantage during negotiations
Those selling a home in a low inventory market get the upper hand in negotiations with buyers, as there is an underlying concern that there could be other offers on the table.
With the added pressure, prospective buyers are often more willing to concede during negotiations, just so they can lock in the purchase agreement and proceed with the next steps of the transaction. This gives sellers more power to sell on their own terms, as buyers are more open to accommodating a seller’s needs if it means they can finally close the deal on a home.
Sell your home in the Lake Texoma real estate market today
While the advantages mentioned above will certainly benefit home sellers, correctly pricing your home will still be crucial. Even in a low inventory market, an overpriced listing will turn away motivated buyers. Homes that are priced reasonably on the other hand, stand a better chance of receiving multiple offers, engaging potential buyers in a bidding war due to the limited options.
If you need more information, get in touch with us at Servant’s Heart Realty today by calling 580.246.0010