Lack of inventory driving prices higher
June 1, 2017 |
We are almost half-way through 2017 and so far, this year has seen a lack of sellers vs. buyers. It’s not just limited to the local area. Across the country inventory is down 9% from a year ago. There are many factors contributing to the skew between
buyers and sellers. From people wanting to stay put to more people wanting to buy a home due to the healthy economy.
The situation in the local area
After a recent open house in Chester County we received seven offers within the first 24 hours. Within 48 hours the sellers had agreed to an offer at 110% of list price. Right now, this is not uncommon. This home was priced accordingly and the buyer
waived their appraisal contingency.
Homes in Chester County have risen in value by 4.2% over the past year and they predict they will rise a further 2.2% in the next year. Chester County is not alone, the surrounding counties are also seeing rises. Homes in Montgomery County have risen
in value by 2.6% over the past year and they predict a further 1.8% over the next year. Homes in Delaware County have risen 3.6% and are predicted to rise a further 2.2%.
What does this mean for sellers?
If you’re thinking of selling your home, it is worth taking advantage of this current trend. A lack of inventory may not last, especially as people consider moving before the new school year starts in September. While selling your home is much easier
in a seller’s market, it is still important to ensure you list your home with a good realtor.
Just because it’s easy to sell, doesn’t mean that minimum effort should be put into getting you the best price possible. The Griesser LaPierre Team, continues to market all our listings in the same way. We are experts at pricing your home, and through
our marketing channels, often secure multiple offers, pushing your end price up even more.
What does this mean for buyers?
As a buyer, a seller’s market can be tough. Not only is there less inventory around, it doesn’t stay on the market long, and you end up paying full price, or above. Now, more than ever you need to secure the services of an experience realtor team.
The Griesser LaPierre Team is constantly keeping updates on new listings, keeping an eye out on properties that are soon to be listed so that we can secure early viewings for our buyers. We recently sold a home to a buyer that wasn’t even on the market
While there may be more than one bid on a house, we still work hard to secure our buyers the best price possible. For instance, in April, we negotiated $5k off of list price for a client and ensured that repairs were made to the property on top of this.
Whether you are a seller or a buyer, let the Griesser LaPierre Team, go to work for you. We think outside the box and use our combined 71 years of real estate experience to help find you your dream home.