Inventory Continues to be a Challenge As Does Realtors Showing Properties Prior to Entering Listing on the MLS - Unethical Practice of POCKET LISTINGS
In any given market including the Storm Lake area home market,, inventories fluctuate based on supply and demand considering area and price range. The National Association of REALTORS considers a balanced market to be a six-month supply of homes. If it takes longer than six months to sell, it is thought to be a buyer's market and less than six months, a seller's market. Most buyers and sellers probably feel a balanced inventory is more like three months' supply of homes.
The inventory of existing homes has been reduced to approximately 1.5 million houses which is 10.3% lower than a year ago. Inventory has a direct impact on price. When demand is constant, but inventory is reduced, price tends to increase because the same number of people are trying to buy a smaller than normal number of homes. When prices and mortgage rates are increasing, buyers are affected by not being able to afford the same price or size of homes. So where are we as far as market? Well as I'm sure most of you have guessed we are again in a strong sellers market.
I expect this to be maintained for the entire year of 2018. Buyers! PLEASE call me, Georgia Weaver 712-291-0118, I can help you compete against the large number of buyers in the current market. Sellers! PLEASE call me, this is a great market BUT, it is important that your property is priced correctly AND that your realtor is skilled in negotiations if not you will leave money on the table. NEVER agree to allowing showings of your property until AFTER it is active on the MLS. If you do, you are probably leaving on average between $5,000 and $12,000 on the table. FYI: this is called a POCKET LISTING, it is an unethical practice we at Weaver Realtors will NEVER do, it is not in the best interest of our clients. It is ONLY in the best interest of the brokerage and the agent.