This year we have been hearing from clients and real estate experts alike about the current low inventory in the housing market. Words such as: “seller’s market,” “homes prices on the rise,” and “multiple offers,” are being thrown around.
We wanted to do some research to analyze for ourselves on what is occurring in the housing market. We want to make sure you are prepared and know what is buzzing around in the minds of your clients. We know you might be frustrated, but there are ways to battle through. According to NAR, a property in 2012 sat on the market for 3 months. Today it sits on the market for 2 months- a whopping 32% drop! Homes are selling like hot cakes, but the demand of buyers is so high, that many aspiring home owners are left out or “priced out.” This means that listing agents maybe doing well, but buyer’s agents may be suffering. This is a great time to focus on getting listings (and developing those strategies and using the right tools to find those listings)! PropertyMinder specializes in tools for listing agents such as our CMA builder, disclosure document hosting, and AccelerAd which is our Craigslist flyers.
In California’s desirable Bay Area market, average days on the market sat at an amazing small amount of time- just 37 days of activity in March 2013. Although a seemingly low number, Sammy Hastings of San Francisco’s HRG, states that this small number of days may still be an inflated number for this fiery market. Homes may get multiple offers on the first day of sale. However, sellers prefer to wait 7-14 days to allow for full exposure of the home, and give other interested buyers a chance at extending an offer. Since many agents are doing this, we recommend that you get additional exposure for your listings by posting into Craigslist and growing and nurturing your database of clients. Many of our clients use our AccelerAd tool (Craigslist flyers) to get more visitors to their open houses, increase website traffic, and more showing requests. (View our Craigslist Infographic)
So with that being said, we have compiled several key stats and indicators that you must know in order to navigate successfully in this market. See for yourself in this exclusive infographic by PropertyMinder.
- The trend in US Housing inventory supply
- Buyer demand
- Average Days on Market (DOM)
Click the button above or view it now.
Please feel free to share the Infographic to your fellow real estate agents and comment below!
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