This could cost you precious time and possibly thousands of dollars.
Yes it is true, when school is out is when most people like to move. But let me take you back to high school business class for a little while.
The Omaha market has had a shortage of homes for sale now going on 4 years. There are many factors for this and I am not going to get into that at this time. What I am going to address is Business 101. We all know that when something is in low supply the price tends to increase for that item. The same is true when there is a surplus the price tends to decline for the item. Right now most of Omaha is experiencing a shortage of homes available. Therefore we have seen home prices increase dramatically. I have had listings with more than 6 over asking price offers.
I am going to use the southwest Omaha neighborhood of Millard Park South as an example. The average market time for a home in this subdivision has been around 10 days for almost 2 years. That is pretty remarkable. The last two listings in Millard Park South sold in less than 48 hours. I hope you would agree that shows the area is in high demand.
If you wait until May, like many people do, you may now see as many as 7 homes for sale when you list your home. That is what Millard Park South had last summer for sale at one time. Now you have to take a different approach when pricing your home. You have to be sure your home appeals to the buyers as they now have options. Listing now with low inventory means buyers maybe competing for your home. I get emails daily from REALTORS that can’t find a home for there buyer.
But I don’t want to move until July?
Did you know as the seller you can tell them NO! You are in control! It is your home. You can counter the offer with a closing date that works for you. I know one home seller that did this last year and lived in the home for over 4 months after recieving an offer. You are in control. Many times we see sellers wait too long to list and then feel pressured to sell their house and take the first offer.
If you found this information helpful and would like to discuss more about your neighborhood or just consult about the time line of real estate and when the best time to list your home is. Please don’t hesitate to give us a call. Also like us on Facebook at https://www.facebook.com/BradFrickeRealtor