By now, everyone has heard the latest goings-on in the real estate market, which is low inventory.
However, as we all learned in the end of 2007, the market can turn on a dime, literally overnight. This is a harsh reality some learn the hard way. Others learn to recognize, or align themselves with those who can recognize (i.e. a trusted realtor or mortgage broker) who can point out these changes as they appear in their businesses.
One thing I have noticed is that while inventory is and has been very low the past month, there is an influx in the amount of new daily listings hitting the market in our local MLS.
If this practice continues, our inventory lulls could be a thing of the past in the coming months, and this is why it is a good time to sell.
For those who have been waiting, here are just a couple of reasons:
- If needing to do a short sale, NOTE: The Mortgage Debt Relief Act of 2007 that was and has previously been given to those short selling their home is currently set to expire at the end of this year. It is recommended you see a tax professional to understand the ramifications for your particular situation. But this can make a dramatic difference for some.
- We are in the midst of the best seller’s market we have seen in years. Take advantage while you can. If you need or just want to sell, this could be a great opportunity. Once the rest of the sellers catch on to what’s happening and the inventory lull is over, a seller’s prospects will not be as strong. Those multiple offers could disappear, along with getting that asking price you were hoping for.
Our market is a strange and new one. It's not for the faint of heart, but if you have the right people on your team, you can make your dreams a reality this year.
More information on the Mortgage Debt Relief Act can be found here.