INVENTORY CHALLENGES CREATE OPPORTUNITIES
At the end of September we are experiencing an inversion of available homes for sale and those that are under contract (pending). In a typical year, we tend to peak in inventory in early August and a few weeks later, properties under contract are also at their highest point. Just like much of 2020, this year is different.
Currently there are more properties under contract than available, the first time in memory that this has occurred. While activity in the market continues to be robust and properties throughout the valley remain in high-demand, there are opportunities available. Prices certainly have increased valley-wide since late winter and the market may approach (or even exceed) record numbers we saw before the recession. The challenge is today’s market is identifying owners who are considering selling.
If you are one of them or if you have plans to sell in the next 12 months, I’d like to invite you to discuss your unique situation and plans. There are a myriad of lessons that we will learn from the past 7 months but one of them is that our market can and has responded with unprecedented speed. But market changes are not always a positive for owners and if selling is on your horizon, now may be just the right time to consider a move.
We have relative certainty in this market today. We know that demand is perhaps at an all-time high – yet we don’t know what the winter will bring us. If you are among the many owners considering a move, now may be as good a time as we have seen in the last 20 years. We have the experience, insight and resources to make the process successful and enjoyable.
For buyers, there are still great options to purchase in today’s market, in all of our communities and in a variety of price niches. Being prepared is paramount. For those who will obtain financing, having discussions with your lender now will position you for the best possible outcome.
Being flexible will also help as an owner may need to identify and contract for a replacement property. And finally, acting quickly, but with the right information, will help you rise above the other buyers to position your offer in the best possible light.
Individually and as a team we have successfully navigated these unusual times, helping hundreds of home sellers and buyers achieve their goals here in the valley and I would love the opportunity to help you.
September Real Estate Snapshot
September saw 6 more homes sold than August! The number of pending transactions is still high as we move further into Fall.
Days on market has dropped since August with 20 fewer days on average for a home to sell.
Inventory is low, and buyers are still looking for their new homes. Now could be a good time to consider selling your home. Contact me for for an analysis of your home and to see what options might be available for you.
