Inventory has dropped for three months straight in our market and yet, sales keep going up. Here's what that means for our market.
Looking to buy in Idaho? Get a full Home Search
Looking to sell in Idaho? Get a free Home Price Evaluation
It's been a very interesting last three months in our market.
Boise Regional Realtors recently released some stats showing that over the last three months we've had progressively more houses go pending than there has been available inventory. This has led to another drop in our market's inventory, which is down to a two-month supply. That means if no new houses came on the market, we'd run out of our current available inventory within two months based on the current rate.
It's continuing to drive home prices up. I personally believe that prices are starting to reach to the top of the marketplace, so it's a great time to sell your house for top dollar. Homes are selling quickly when priced right, and even over asking price in many cases.
This also means that buyers are having a trickier time getting into homes. We're having to use a lot of negotiating techniques like escalation clauses or offering to pay for closing costs. If you want to buy a home in this market, you need to work with an agent who you trust and who you know has the needed negotiation skills to help you get the home you want.
If you have any questions about the market or about buying or selling a home, give me a call or send me an email. I'm always happy to help.