How The Waltham MA Real Estate Shortage Affects Buyers And Sellers

In many markets, there is a shortage of real estate inventory. Supply does not meet demand. This develops a unique experience for both buyers and sellers. Here is how the Waltham MA real estate shortage affects buyers and sellers.

Competitive Market for Buyers

Less inventory produces increased competition for buyers. Properties new to the market will immediately receive lots of attention. Listings will get under agreement within a short time and possibly with competing offers. In these circumstances, it is common for listings to sell for more than list price. What else does this mean for prospective buyers?

Buyers must be in a position to write up an offer. This requires having a pre-approval performed and the letter ready to include with a property bid. After visiting a property, they will need to decide immediately. Waiting even a day might be too late. Also, when submitting an offer, it is beneficial to prepare a uncomplicated one with your best terms. You may have just one chance. Negotiating a reduced sale price is normally only effective if the house has been marketed for an unusually long period of time and without competing bids.

A Good Situation for Sellers

Sellers thrive in this real estate environment. It can be stressful maintaining a property in showing condition, so fast sales make the process much. In bidding situations, sellers are also in a position of strength and can be more scrutinizing of buyers.

Sellers must be careful not to overprice in this market. Highest value is typically achieved from beginning at the appropriate price. Overpricing may end negatively in this, and in fact any, market.

Concurrently buying and selling will be a struggle right now. Even though you will be able to quickly get your existing house under agreement, it might require more time to locate a new house to buy given the scarce inventory. You will need to accept an offer from someone with a flexible time line or use interim housing until you can buy a new property.

How The Waltham MA Real Estate Shortage Affects Buyers And Sellers

In general, how the Waltham MA real estate shortage affects buyers and sellers is the typically quick selling time but a potentially lengthy buying one. Home prices will also be on the rise. It is critical to stay educated on the Waltham MA market if hoping to buy or sell. Also set reasonable goals for both sale price and time frame. Connecting with a local real estate professional will provide essential support and direction.