Buyers, sellers, the time for hesitation is over for both of you. Home sales are rising, inventories are shrinking, and even though home values fell dramatically in the last few years, the good news is that houses are now more affordable than they have been at any time during the last twenty years.
If you are buying, now is the time to make your move, literally. As the market recovers, the scales are still tipped in your favor. There are still many “distressed properties” (foreclosures and short sales) on the market, and other homeowners are entering the selling field as improving conditions increase their confidence.
You can still expect competition for lower end, entry-level homes, but demand is softer in the middle to upper end property market, so you could be in a stronger bargaining position in those two tiers.
If you’re a seller, don’t be alarmed by the good news for buyers. Buyer confidence and strength makes it more likely that you’ll enjoy a sale. Don’t try to compete against short sales and foreclosures when you’re pricing, though, because that’s a tough game to win.
Just complete any needed repairs, get your home into great showing condition, and emphasize your home’s strengths and features. We’re in an interesting transitional phase where both buyers and sellers can be winners with the right attitude and representation.
Elwynn Schwartz is the owner of Chattanooga Real Estate Consultants and may be reached at 423-894-3050.