This means that prices are rising and time on market is declining. Great news to see, or is it?
In today’s Boston Globe, Paul McMorrow talks about the 4 hard truths facing our real estate market.
I can tell you that today we have abundant qualified and motivated buyers. Sadly, the pace of new inventory coming to market is much slower than the needs of the buying community, creating an imbalance that will not easily be fixed without new and creative development in locations where today’s buyers want to live.
Job one is to find more inventory. We don’t have time to build it so we need to be sure that our seller’s know of this market imbalance, because this means that demand is HUGE and the time to sell is here and now.
What do sellers need today?
We need to think of creative ways to serve our ‘first time sellers’ if we want a robust and healthy market before all the buyers give up the thought of buying.
Today’s real estate purchase with all the mortgage aggravation, competition and multiple bids is losing its appeal. Once upon a time, purchasing a first home was one of the happiest days for people. Today, unfortunately, it is becoming a stressful and unsatisfying transaction.
