Barb Schlinker The Real Estate Voice

Buyers seem to have much fewer homes to choose from, what is the status of the current market and why do home buyers need to understand the market conditions?I had the privilege of going out to show homes last weekend and it was quite the journey.After that buyer viewed 10 homes and picked one, they got out bid by another buyer.They were given the opportunity to increase their offer but declined.We are in what we call a SELLERS MARKET That means, in most cases the seller gets to choose the best buyer for their home. A sellers’ market is defined as:  Less than 3 months of inventory in a price range. Well we have less than 1 months of inventory in almost every price range below $800,000 The result: Sellers are able to command more for their homes. Other huge factors are: Really low inventory  Inventory of Available homes is at RECORD LOW, right now only 659 homes on the market.   Compare that to 1 year ago there were over 1927 homes to choose from in the Pikes Peak Region That’s a 54% DECREASE in inventory As y