At Home With Lisa-Sellers Still Receiving Multiple Offers

The spring market has arrived and it is anything but a typical market. Buyers are still finding a lot of competition, as home shoppers compete for a still-limited number of homes for sale. Inventory is shrinking in some markets, and new listings are still way below historic trends.

In our region, sellers are still in the drivers seat.  Sellers who closed on their home in April received an average of 3.5 offers. More than half (53.5%) ended up closing at a price above their original asking price. Sellers receiving over list price accepted an offer that was, on average, 5.5% higher than the price they had originally listed. The most competition was among three- and four-bedroom homes in the $300,000 to $499,999 price range. Inventory remains limited in this price range, and demand for these types of homes from both first-time buyers and move-up buyers is high.

First time homebuyers are also still active in the market in our region.  According to agents working with buyers who closed in April, 46.1% of Mid-Atlantic buyers were first-time homebuyers. This is about the same share as a month ago and remains significantly higher than the national share reported by the National Association of REALTORS®.  First-time homebuyers are looking for different types of homes than are repeat buyers. Nearly 60% of first-time buyers purchased a home with three bedrooms, and four out of 10 bought a home for less than $300,000. Not surprisingly, first-time homebuyers are more likely than repeat buyers to buy with FHA, VA, or USDA loans and are much less likely to make all-cash offers. As a result of limited inventory in their price range and because they are competing with buyers who are using conventional financing or making all-cash offers, first-time buyers are facing more competition in the market. In April, 53.3% of first-time buyers paid over asking price, compared to 49.3% of repeat buyers.

So, if your trying to decide if now is a good time to sell your home, consider this:
The limited number of homes available right now gives you the advantage. Again, that's because there are more buyers out there than homes on the market. Buyers have few options. And with such a low inventory of homes, more eyes will be on your home.  Is this in agreement with what the experts are saying?

Laurence Yun, Chief Economist of the National Association of Realtors (Nar):
"Inventory levels are still at a historic low.  Consequently, multiple offers are returning on a good number of properties."

Clare Traspasso, Executive News Editor at Realtor.com:
"Well priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over asking price in many parts of the country."

 I'm Lisa Longest with Realty Navigator. I am a full time Realtor® GRI® RENE® CDPE® and PSA® in Anne Arundel and Queen Anne  Counties.  I am here for all your real estate needs. If you are looking to buy, sell or question me about the market in your area, feel free to contact me. I am located in Annapolis and Kent Island. My email is LisaLongest.RE@Gmail.com and cell is 443-786-4200.