I was recently speaking to a couple of frustrated lenders and it was not about being able to qualify someone for a loan. They had their clients qualified and ready to go, but the buyers could not find a home to write a contract on. You see, these buyers weren’t being extra picky. There just seems to be a shortage of homes on the market in the lower price range. If you are a buyer looking for a home in the 250K and below range, chances are, you could be having a hard time finding something that will meet your needs. Of course, there are always homes for sale in the lower price range that need a lot of work, but that doesn’t work for the majority of people who are looking. Let’s say that you are a first time home buyer with not a lot of resources to gut a house and remodel it. What does that leave you to shop for? Answer…not much.
The purpose of this column is simply to say that if you are thinking about selling your home and it falls in the 250K and below price range, this could be your lucky day. Moreover, if your home is in move-in condition then you could have multiple offers within a short amount of time. You see, since builders have stopped building and sellers have decided not to sell their homes at this time, active inventory is very low. According to Metrolist, single family and condo inventory is down by 20% from just one year ago.
This is all very welcome news because it seems that it’s been longer than normal around here since we have seen a seller’s market. Caution… this not the case for the majority of price points out there, but if you are 250K and below seller, take advantage of this now. First time home buyers have until Dec 1st to be closed on a home.
Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.CoDreamHouse.com