People talk about low inventory all the time, and I’m just over it.
There’s not low inventory…
….Hear me out…
There are new listings coming on to the market all the time. And I believe in the very near future, we’re going to see a large uptick in listings.
The second week of March is statistically the best week all year to list your home.
If you’re a homeowner and you want to get top dollar for your home, statistically, you’re going to get more money than any other week if you list the second week of March, which is here, and then it progressively gets worse for sellers as it gets closer and closer to the summertime.
Everyone tends to wait until the spring in the summer but it’s actually too late to get the most money. Because as summer approaches there is more and more competition because inventory levels increase.
When Nick talked to a concrete construction business owner and asked him what is going on right now in the concrete world? He replies, “I’m pouring foundations all over the place.” Builders all over the valley are calling to pour new foundations. This means that in 3 months those homes are going to hit the market in April, May, and June. Possible home sellers need to consider this. You don’t want to be competing against new construction.
The other thing that’s happening is we’re going to have massive inventory coming online when the mask mandate is lifted, all the people that have put off listing their home on the market will now put their home on the market.
Some people have not wanted to list their home on the market because that means having strangers in their home, plus they have to go around looking at homes themselves. Many people have just been a little risk-averse and staying safe.
Also, in the last two years, there have been more remodeling projects. With the low-interest rates, a lot of people refinanced their homes and did remodel projects. Some of those people are now going to consider selling their homes and that is also going to raise inventory.