Buyers are currently scrambling especially those who are approved for limits under 300k. One Buyer I know has put in offers on 4 homes now only to be told that she is in a multiple offer situation and that someone else with a cash offer has won the bid.
Of course she is very disappointed. As are many other buyers when they see the situation that is out there -- Not enough homes in their price range and competition for every home.
So what is happening currently in the Ada county Marketplace and here locally? Inventory is at an all time low for homes in the price range under 300k. Multiple offer situations are happening because there are more buyers for each home that enters the marketplace than can be accommodated. Buyers are disappointed and are having to walk away from homes that they want due to the competition. Homes under 300k are staying on the marketplace only a few days with offers on the first day and many are seeing multiple offers.
If you have considered moving up or doing something like building your custom home, now might be the time to consider the jump.
It used to be that home owners would change homes every 7 years. With the housing crises that happened around 2006-2007 and home owners are a little more shy about changing homes. Some don’t even realize that they have equity in their home and can now consider a move up.
Here is a snapshot of what is going on statistically in the marketplace.
This is a snapshot of data for Ada County. Notice the graph on the top left hand side of the page. Although inventory is going up slightly in April, the table on the right shows that those homes under 300k have not come up at the same level as those more expensive homes. We are currently under 1 month of inventory for homes under 300k in value.
When I talk inventory, this refers to the total number of homes available for the buyers. If we say we have 1 month of inventory -- if no other home comes out onto the marketplace in that particular pricing category, it would take us less than a month to burn through the homes that are currently available at our current sell rate. When a buyers and sellers market is matched -- It is around 5 months of inventory. This is significant!
If you are a home owner, and have wished for something different -- now is a really great time to sell. If you don't know what value your home has and would like to know -- I can help. Click here
If you are an investor and have a home -- now is a great time to sell!