Housing Inventories are Decreasing
We all want to buy low and sell high. Yet how do you know when to buy and when to sell? This week I had a customer fly in from the west coast. She had been watching our prices and inventory and had also been watching a certain neighborhood. She had been to the websites daily. She had decided that now was the time to buy. She would be starting her new job June 1st and this would give her time to settle in before she had to go back to work.
When she arrived she had a file of 25 properties she wanted to see before she made her final decision. These were printouts from different websites and it took about a hour for us to wade through the data. Much to her amazement 15 of the properties had sold and closed. 3 of the properties were withdrawn. That left 7 properties...slim pickings to say the least. Her dream property with the Tuscan decor and outdoor kitchen had sold. The bank foreclosure that just needed appliances, sold. The one with the winter view of the lake, sold.
As I took her through the 7 remaining properties she became very angry at me and the market. The market did not wait and I had not told her it was time to buy. I am never sure when to tell someone it is time to buy, we are seeing a great number of homes get sold and we are seeing fewer come back on the market when they expire. As the number of available homes decrease the price will increase due to demand.
Is it time to buy? Not sure, but the indicators would indicate that it was.