The Millennials are just starting to buy. The Baby Boomers aren't selling. What can we do to get inventory on the market and sold for a reasonable amount of time and a reasonable price?
For years, and just recently 1st through 3rd quarter, we have seen bidding wars. Prices so far over list price that guarantees of paying out of pocket over and above appraisal seemed the norm. These homes got this kind of run for the bulls buying frenzy because they were in a desirable area, in a medium price zone and were updated. That's right they are already updated! Which is what Millennials don't want to have to bother themselves with.
The over-priced, over-promised delivering of "perfect" homes isn't sustainable and it is simply not working anymore. The realization that you paid $10-25k, yes Ten to Twenty Five thousand over appraisal starts to sit funny. You are already in the rears on a loan and home and there is no promise of quick market rises.
Let's update houses but don't request over price non sense to get the war going. Let's make new improvements that are reasonable because the house is out dated not because you want to squeeze the buyer for more money. The better priced the faster the house will sell. We don't want stale inventory - we want fresh homes.
Example for Huntersville as of 10/11/18 shows homes currently for sale are at 30 days, but most likely will take 71+ days to be sold. For those that have lost out on the bidding wars - they have rethought the process and are taking their time.
|Currently FOR SALE||*|
|Avg. Days on Market:||29 Days|
|Listings Currently for Sale:||2|
|Shortest/Longest:||28 Days/29 Days|
|Avg. Days to Sell:||71 Days|
|Shortest/Longest:||40 Days/137 Days|
|Months of Supply:||2**|
|(6 months is considered a balanced market)|
After years of above average appreciation rates, the market is now beginning to normalize. Now more then ever, it is important to keep your home current and updated. Priced right and put together nicely isn't asking too much for the home buyers these days.