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What to Consider in a Seller's Market
Sales reports are in for October 2013, and according to the Williamson County Association of Realtors, compared to October 2012, days on the market are down, and closings are up 11.6%. Residential sales are the best they have been since before the market started to crumble in 2006, and according to the National Association of Realtors, national median home prices have shown the biggest gains in 8 years.
The rise in home prices is a little bit due to confidence overall in the market, but it’s also because we’re in a seller’s market in the Brentwood, Tenn., area. There are currently more buyers than sellers, which led to a shortage of inventory. This shortage has forced many families to find short-term living arrangements in apartments and with family members as they look for the best place to live.
The important thing is not to be discouraged if this is where you have currently found yourself. And you shouldn’t give up your dream of selling and buying right now if you’re ready to make that move. You just need to assess your current situation and discuss your specific options with an experienced Realtor.
If you’ve got the itch to move now, consider these things:
• Do you love your current neighborhood, school zone, location to favorite retailers and restaurants, or are you willing to try a new area to get the specific type of home you want? If there is no inventory in the price range you need in the area you want to buy, you might need to wait, or you might need to change your criteria.
• Don’t be afraid of bidding wars. Stick with your budget, discuss strategies with your Realtor, and don’t be discouraged if you lose a few along the way. You’ll eventually get there!
If you’re in a short-term living situation, consider these things:
• If you’re renting or considering renting if there is a gap between selling and buying, make sure you are clear about your lease. Can you get out of the lease easily if you find the perfect home before the term is up? Are you able to add short increments of time to the lease if your wait time is longer than you expected?
• If you’re living with family or friends, are the terms clear? Are both sides willing to discuss how things are going and to re-evaluate if the stay is longer than expected?
If time has proven anything, the market will always be changing. Decide what is best for your family and get ready to jump in when the time is right for you.