The ultra tight inventory locally remains an issue for battle weary buyers. May is traditionally a month that see a boost in listings so let's hope that holds true in 2021. Buyers should continue their quest for the elusive home. But buyers should also be sure to look at home priced at least 3-5% lower than their maximum affordable price. With multiple offers the norm, buyers will have to bid properties up a bit to get their offer to the front of the sellers list. A buyer approved for a $400,000 house will need to consider shopping in the $380,000 to $390,000 price range so they have wiggle room in multiple offer scenarios. That strategy will help speed up the chance of landing a house, but it is no guarantee.
I have a few listings coming up this month so if that is true among my colleagues as well, then perhaps a wee bit of relief is on the way for beleagured buyers. Sellers in the mean time are comfortably perched in the proverbial 'catbird' seat. Sellers should also be mindful of trends in listing activity. If things begin to perk up for buyers the window for that top dollar opportunity may tighten.
Stay on top the news and don't get too greedy, the market can be fickle and the crazy state of world affairs means things could change direction at a moments notice. What is relief for buyers could be misfortune for sellers. Happy hunting.
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