Tuesday, February 12, 2013 / by Dean Miller
In response to the most commonly asked question that we hear, I can honestly say that there is no one answer to this question. There are so many moving parts, that we have to look at it from several points of view. Today, we will look at the market from the SELLERS point of view.
If you are looking to sell in the next 3-12 months, than things are looking VERY good for you, in most towns (there are always some exceptions). Inventory of available homes for sale is very low through many towns in Nassau County and from a sellers point of view, this is a great thing! "Supply and demand". Very little supply, and overwhelming amount of buyer activity out there. Now don't get too excited just yet. YES, there are plenty of buyers, and with low inventory, that will potentially cause house prices to increase, BUT, this is not 2001-2005!
Mortgage lenders are offering money to qualified home buyers at incredibly low rates, but they are making buyers work for it. The days of low income and poor credit, and getting a loan are long gone, and that is a great thing for stabilization of the real estate market, nationwide. The majority of the buyers who are shopping for a home today, are putting in the effort to consistently improving their credit, save money, and live within their means.
Due to the low inventory, many home owners, who have accurately, priced their homes, are receiving multiple offers!