Three Ways Low Inventory Is a Win for Sellers

Three Ways Low Inventory Is a Win for Sellers | MyKCM

The number of houses for sale today is significantly lower than the high buyer activity in the current housing market. According to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):

“There is no shortage of hopeful, potential buyers, but inventory is historically low.”

When the demand for homes is higher than what’s available for sale, it’s a great time for homeowners to sell their house. Here are three ways low inventory can help you win if you’re ready to make a move this fall.

1. Higher Prices

With so many more buyers in the market than homes available for sale, homebuyers are frequently entering into bidding wars for the houses they want to purchase. This buyer competition drives home prices up. As a seller, this can definitely work to your advantage, potentially netting you more for your house when you close the deal.

2. Greater Return on Your Investment

Rising prices mean homes are also gaining value, which drives an increase in the equity you have in your home. In the latest Homeowner Equity Insights ReportCoreLogic explains:

“In the second quarter of 2020, the average homeowner gained approximately $9,800 in equity.”

This year-over-year growth in equity gives you the ability to put that money toward a down payment on your next home or to keep it as extra savings.

3. Better Terms

When we’re in a sellers’ market like we are today, you’re in the driver’s seat if you sell your house. You have the power to sell on your terms, and buyers are more likely to work with you if it means they can finally move into their dream home.

So, is low housing inventory a big deal?

Yes, especially if you want to sell your house at the perfect time. Today’s market gives sellers immense negotiating power. However, it won’t last forever, especially as more sellers return to the housing market next year. If you’re considering selling your house, the best time to do so is now.

Bottom Line

If you’re interested in taking advantage of the current sellers’ market, let’s connect today to determine your best move in our local market.

Posted on November 5, 2020 at 1:01 am
Annie Hyatt | Category: Uncategorized | Tagged , , , ,

Dear Future Seattle Homeowners

~~Dear Seattle Buyer,
Thank you for choosing me to help you find a home, but I would like to apologize for a few things in advance.
1. I am sorry that you have to pay so much this year for a house that was 24% cheaper three years ago.
2. I am sorry that we don’t have many great homes to choose from.  Actually, let me edit that to I am sorry we don’t have many homes to choose from, great or crummy.
3. I am sorry that international buyers are coming in with their cash causing you to lose the last three homes you have offered on.  And they’re not even going to live in the house, it’s just an investment property to them.
4. I am sorry it has been 6 months since we started looking instead of the 2 months you were hoping for.
5. I am sorry that you have to decide to waive protective contingencies in order to be a contender in the multiple-offer scenarios that we always are in.
6. I am sorry that only one person has called me for the letter I sent out to the 100 houses in your favorite neighborhood, but at least we got that one call and there is a possibility it could work out.
There are also some things I am thankful for:
1. Because it has taken so long to look for a house, I have been lucky to get to know you and your family so well.  A friend once told me that strangers are just friends I haven’t met yet.  I have become good friends with most of my clients and I am grateful for every one of them.
2. Thank you for having trust in me when I am giving you advice.
3. Thank you for the laughs.
4. Thank you for the referrals.
5. Thank you for being loyal.
I look forward to many years of working with you and being a part of your lives.
Cheers,
Annie
 

Posted on April 4, 2015 at 10:06 pm
Annie Hyatt | Category: Buying a house | Tagged , , , ,