We are in the midst of a real Seller’s market. Inventory is less than 45 days based on sales that went into contract in March. It is even more stressed in some neighborhoods and specific price ranges. What could be causing this shortage of houses for sale. Low interest rates have many people out trying to find something while mortgage money is at historically low numbers. Many are trying to move up but are afraid to put their homes on the market until they find their desired replacement. Kind of a big Catch 22, can’t sell till we find and it is repeated throughout the price ranges creating a sort of reverse domino effect. This kind of scarcity also creates upward pressure on prices and ultimately resistance from those that started their search before a new set of prices are created with each new sale. There are still great houses coming on the market every day, if they are in good condition and priced according to the market in their neighborhood, then they don’t last long and are often seeing multiple offers.
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