That is exactly what you would hear if you listed your home in Chesapeake. A shortage of homes for sale has been getting worse each month throughout the country. And Chesapeake and all of Hampton Roads is the same way.
Are there no homes for sale in Chesapeake? I would never say that. Yet, we are at and have been at a point that selection set of homes for any given buyer is so slim that buyers may get discouraged. Who wants to seek a home under $300,000 in Chesapeake to only find 1 or 3 options?
Depending on the need we can have this situation at almost every price point. Though we have approx. 1400 homes for sale in Chesapeake, we have 300 under contract, leaving only about 1100 houses across all price ranges for sale.
Then if you take out the very low end of the range(favors investors favors and ignored by typical home buyer and the top tier of price range(rare buyer profile) which have excess inventory, Chesapeake has too few of homes to meet the Chesapeake home buyer needs.
Thus, if you have a need to move, you can be part of the solution.
YOU WILL SELL QUICKLY AND FOR MORE THAN YOU MAY HAVE THOUGHT!!
Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.
Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.
Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.
That hasn’t happened this year.
Demand for housing has remained strong as mortgage rates have remained near historic lows.
The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2016 all fell in April, May or June.
Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.
If you are planning on selling your home in 2017, let’s get together to evaluate the opportunities in our market.
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