With inventory low and buyer interest high I am seeing a surprising increase in the number of showings and offers on my listings. Last Friday I listed a beautiful home in Lake Ridge in Klahanie and was stunned to see buyers literally lined up to the street.
This is an indication of the pent up demand for quality housing in our market place. With interest rates at record lows and prices remaining low demand is extremely high. In 30+ years as a real estate broker I have never seen this kind of market frenzy.
Right now it is time to watch for a market shift with prices finally starting to rise. As indicated in the Market Action index, we are moving into a sellers market.
The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.
Buyers will be up against a long list of competitors to buy a home in today's market. As evidenced by my new Klahanie listing where we had 12 offers in the very first weekend and sold substantially over the list price.
Next I will take a look at what to expect as a buyer and how to get your offer accepted.
By Brian Leavitt, Designated Broker, Northstone Real Estate Inc.
Brian has been a Real Estate Broker for over 30 years and has
helped hundreds of buyers achieve their dream of how ownership.