When I speak with both buyers and sellers, I’m often asked, “Are we in a seller’s market or a buyer’s market?” and “Is inventory going up or down?” I’ll answer those questions and more in today’s summer market update.
We’re now in the heat of the summer market and conditions continue to favor sellers. Right now, there are still around 3,000 active listings on our market—1,500 of which are selling each month. That equates to a two-month supply of inventory.
Homes that are well-priced and positioned are receiving multiple offers, which drives prices up even further. That’s good news for sellers, but buyers will need to be prepared for a fiercely competitive environment.
If you’re looking to make a purchase, don’t be surprised if you’re up against five, 10, or 15 other offers when you find the property you’re interested in.
My best advice is to make sure you put your best foot forward and make your initial offer the strongest it can be—an attractive price and limited concessions are two keys to success.
Always consult your real estate professional before writing your offer. They’ll work with you to craft an offer that the seller won’t be able to ignore. You don’t want to let a great opportunity in this market pass you by!
If you have any questions or would like help with your buying or selling needs, please feel free to call me at 901-591-8100. I look forward to hearing from you!