Lately, I’ve been asked what the housing market is like in Spencer. I know several people who have had difficulty finding a home they want to make an offer on then only to be beat out on an offer when they do find one. As of July 23 there are only 61 available residential properties for sale in the Spencer market. Of those 61, which covers all price ranges, 14 have accepted offers with some sort of contingency in play such as financing, subject to sale, etc. That’s 23% of the available homes leaving just 47 homes left to choose from.
Folks, that is not a large inventory in this market. What does this mean? The supply of available homes is smaller than the demand for these same homes. This means two things: First, if you are in the market to sell Advantage will discuss your approach to preparing your home for the best potential for shortest days on the market. By presenting your home a well as possible and pricing according to the market this can be done. With the inventory levels where they are you have a lot less competition to sell against. That’s right, the other homes for sale are your competition. It should be sellers market if your home is prepared properly.
Secondly, if you are a buyer it may take some time to find “the house” in a low inventory market. You will need to alerted to the latest listing as they hit the market and be prepared to look as soon as possible if you find a home appealing. I have found time and time again that time is of the essence with real estate offers. Sellers don’t have to wait for more offers to come in. They may accept the first offer they receive. If you are a buyer working with the Advantage, we will ask that you have a pre-approval with your lender in place before we begin the search. We will want to have all the preliminary paper work completed and aware of any contingencies that you may be working with. The best offer is one without many requests or contingencies obviously, but knowing what you need to do when you see the property you want will speed the process up. That’s what Advantage will do for you.
In summary, the housing market in Spencer continues to be exciting due to low housing inventory. Advantage works with both buyers and sellers to make the home real estate experience as pleasant and successful as possible, even when the market moves fast. Get the Advantage!