Active homebuyers may all be wondering the same question at this point. The amount of properties for sale on the market has actually shrunk. Only 2.32 million homes were available for sale in the U.S. at the end of September 2012 which represented a six month supply of for-sale homes. The previous year recorded over a eight month supply of inventory.
Sellers are are currently on the sidelines debating on whether its time to sell and if they do not owe more than their home is worth, it is time! Like I tell my clients, why wait until Spring when everyone else has their home listed? Buyers need homes and the market is very competitive with many homebuyers bring all cash to the table to get an accepted offer. With the multiple offers and heavy bidding, some sellers who are underwater have been able to sell and come out free and clear because their home sold for over asking and avoiding a short-sale.
Short sales are also selling a faster rates dues to new policies which cut down the approval process with the banks backed byFreddie Mac & Fannie Mae. Banks still have thousands of homes in their inventory but they just aren’t on the market yet. (Shadow Inventory)
At this point, we all need to realize that the market is still competitive and you need to move fast and come in strong if you want to make an impression. Until we see more sellers putting their homes on in the Spring, we need to exercise patience.