It seems the pandemic has subsided enough to bring out all those missing listings. The local MLS saw a massive surge in new listings over the last two weeks. This is good news for buyers as the tight inventory led nearly every transaction to a bitter bidding war with one lucky winner and half a dozen disappointed losers. Many buyers have become disenfranchised from the process after numerous failed attempts to land an accepted contract.
This buyers should come back as things have definitely cooled off a tad. The market still favors the seller, but buyers may find a little more options available and fewer offers on houses that are not top drawer. This plays right into the article I wrote last week about watering the lawn. Sellers need to keep the house and grounds looking sharp, because buyers have more to look at now that they have at anytime in the last half year or so.
I won't have to total stats until the MLS releases July's figures next month, but I am certain it will show a major surge in listings as preliminary data suggests. We needed this and it should tip the scales back a tad towards neutral offering buyers a little more opportunity to own their own home.
I listed a lovely three bed, two bath home last week for $435k and was shocked when the first two days had no showings. That's when I realized that a dozen new listings had come up at the same time within a mile of the property! Well by Monday showings picked up and the home was in contract by Wednesday. But this house had an advantage. It was dated but immaculate inside and out. The owner had that old girl shined up like new. Buyers in this day an age tend to favor move-in ready homes that do not require a lot of work. Our society today has become busy, houses have gotten so expensive that buyers often have to work long hours to afford them. So keep in mind that often the best looking house wins the day.