There is a shortage of available inventory in many regions. Supply is not keeping up with demand. Buyers and sellers have unique experiences when this happens. Below is information on what the Woburn MA real estate inventory shortage means for buyers and sellers.
Greater Buyer Competition
Insufficient inventory fosters a competitive market for potential buyers. Newly listed properties will obviously draw lots of interest. Listings will commonly generate multiple offers and move fast. In these conditions, it is common for properties to receive above list price. What else does this mean for buyers?
Home buyers need to be prepared to write up an offer. A pre-approval is typically required. After visiting a property, buyers will need to not procrastinate making a decision. Waiting even a day could be too late. Lastly, offers should be uncomplicated and with good terms. Sometimes you have only that one chance. Negotiating a discounted price is normally only effective if the property has been listed for a long time and with no competing bids.
An Ideal Position for Home Sellers
Sellers have the advantage in this type of real estate market. It is challenging preparing a property for showings, so fast sales make selling a home much. In bidding situations, they are also in a position of power and may be more scrutinizing of buyers.
Sellers must avoid overpricing a property in this type of market. Maximum value is usually achieved by correctly pricing at the start. Overpricing can backfire in this, and in fact any, market.
Buying and selling concurrently will be difficult right now. Even though you will be able to quickly get your old property under agreement, securing a new home may take some time given the low inventory. You should accept an offer from a buyer with a flexible time line or use interim housing until you can buy your new home.
What The Woburn MA Real Estate Inventory Shortage Means For Buyers And Sellers
Overall, what the Woburn MA real estate inventory shortage means for buyers and sellers is the usually shorter selling time but a possibly lengthy buying time frame. Home prices will also be on the rise. It is important to become educated on the Woburn MA real estate market if you are attempting to buy or sell. Also set realistic goals when it comes to both price and timing. Working with an experienced agent will provide helpful support and direction.