We were talking yesterday in a couple of offices about the current state of our listing inventory. While the average person might think that every third house is on the market as we speak, much of what is available is either shopworn, overpriced, or needs work. Today's buyers, who believe that they are in a buyers' market, expect that every week more properties will be listed, and that prices may even come down further. Therefore, they think that they can be--and they are--extremely picky about what they want.
While it is true that new properties come on the market each week, many of the new entries suffer from the same problems as the old ones--i.e., overpriced or need work. When we get buyers who are motivated and in a hurry, they often feel that they have surprisingly little inventory from which to choose a property. At the same time, we know that many sellers out there feel that they should wait to list until there are fewer signs in yards (not counting the ubiquitous political kind!). Properties that are in pristine condition, which would command top dollar, thus stay off the market, while their owners wait for a better time to sell.
Ironically, it would be hard to find a better time to list those particular properties. There are buyers out there, and there are more of them all the time that come out to look, as many feel that the recession is over, but rates are still low, and believe what we're all hearing, that this is the best time to buy in 50 years. Yet those buyers cannot get over the fact that they aren't seeing exactly what they want. Given the high inventory, they keep looking. They even think that they can find rooms painted in the colors they prefer. Most don't seem to want to do any work to the place of their dreams.
This mismatch between what buyers want and what sellers are offering leads us to believe that, although inventory is high, there are actually not enough listings on the market, of the type that will sell quickly. If you own a property like that, call us now. You may be pleasantly surprised at the results!