March 2017 Newsletter

March 2017 Real Estate
By Dennis Adelpour

As we approach April, expect to see more inventory coming out. We are still in a very low inventory environment right now, and buyers are showing hesitation. With interest rates higher today and the rise of property values, demand for homes are declining in certain zip codes. Buyers are very sophisticated in today's market. They have access to a lot of information and have a general sense of what properties are worth. As such, it’s critical you price your property correctly. I promise you it will hurt you in the long run to price high initially and continue to reduce until a buyer makes an offer. Review your pricing strategy and make sure you are within 5% of actual market value - unless you are going with a Conventional Pricing Strategy (ask for details of how this may work for you).

Expect to see demand increase over the next 3 months, but also expect to see inventory increase as well. Depending on your area, the ratio may or may not be in your favor. Let us know your address and we can provide you with the current buyer/ seller ratio to help you determine the best price/ pricing strategy. - Dennis@DennisAdelpour.com

Advice for Buyers -

The problem of low inventory still exists. Off market deals are still a great way to find the home you want. Many times, these are purchased at a discount because the seller is willing to sell for a lower price for the convenience of selling off market. It’s a win-win for everyone.

Inventory will start to pick up in April and continue to climb into the summer months. This is the “hot” selling season. Again, make sure to review properties again that have been on the market for 60 + days. Those homes maybe ready to accept a lower offer.