It appears that low inventory once again will remain as both a blessing or a curse in 2018, depending on which side of the housing coin you’re looking.
First-time buyers for homes $200,000 and under will feel the brunt of the inventory crunch, with fewer choices and higher prices fueled by multiple offers. Most sellers will welcome the dynamics of short supply, except for those at higher price points where inventory thickens and buyers have more clout. Meanwhile, most sellers again will be stuck in the ‘chicken-and-egg’ quandary, whereby they know they can sell their existing home in a short order with few issues, but will not list until they have found something else to buy.
One way around this Catch-22 is for sellers and buyers to keep their options open where possible. Shop open houses for 60-90 days before listing to hone in on what you want to find. Consider short-term renting as a way to buy time after you sell to view more inventory. Negotiate a rent-back for 45-60 days after closing. List your home contingent on being able to purchase a specific property before accepting an offer. See if a lender will qualify you to buy first then sell your home.
With 2018 looking to follow the same housing market trend, now is a good time to review your options and stay ahead of the game. Contact The Novosad Team today for a dependable evaluation of your housing opportunities. Email Team@NovosadRE.com or call 616-575-0140.