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Today’s episode Pensacola Real Estate Expert Shane Willis shows how new contingencies are creeping into the market. “Both buyers and sellers are starting to put some contingencies that I have not seen in a long time on the contract. It’s fine, the marketplace just needs to adjust accordingly. One of my biggest concerns is that the newer agent will not understand them and the intentions will get lost in translation” says Shane.
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Sellers: Your Home is an Oasis in an Inventory Desert
First-time homebuyers are flocking to the Pensacola real estate market by the thousands to find their dream homes in order to make their dreams of homeownership a reality. Unfortunately for many, the inventory of starter and trade-up homes in the US has struggled to keep up with demand!
According to the National Association of Realtors (NAR), the inventory of homes for saledropped 7.1% year-over-year to a 4.3-month supply and is down for the 25thconsecutive month.
Some homeowners may be hesitant to list their homes for sale because they are worried that they will also have a problem finding a home to buy and move in to. This is a legitimate concern; no one wants to sell their home quickly and not have anywhere to live.
But there is good news! If you are thinking of moving up to a luxury or premium home, there is more inventory available in these markets and you may even get a great deal on a home that has been on the market for a while.
If you are the owner of a starter home and you are looking to move into a trade-up home, or if you are just looking to relocate to a new area in a home of the same size, there is still hope!
In many markets, homeowners are building contingency plans into their contracts. This means that the homeowner builds in extra time before they close in order to find their dream home and they are upfront about the contingency with any buyers who come to see the house.
Your home is an oasis to buyers who are searching for homes in today’s market. The right buyers will sympathize and wait for you and your family to find your next home.
Bottom Line
Don’t let the fear of not finding a home to move in to stop you from moving on with your life. Let’s get together to discuss ways to set expectations with potential buyers from the start.