It's a Seller's Market, so Where Are All the Listings?

We’re in a seller’s market, but we aren’t seeing any listings. There are a couple reasons why that is.

Call me at (616) 942-2449 for a FREE home buying or selling consultation

It’s a seller’s market and people are aware that now is a great time to sell their homes, so why aren’t we seeing more listings? There are three distinct reasons.
  1. Lack of inventory. Sellers are wanting to sell their homes, so they go out and look on the MLS for homes to purchase. But they aren’t seeing a lot of options. They don’t want to get stuck and be homeless. 
  2. Lending guidelines have tightened up. When sellers are trying to move up, lenders are seeing a higher debt-to-income ratio that may have been left over from the housing crash and they see it as a challenge.
  3. A lot of folks are trying to “time the market.” They want to get a little more equity out of their current home so they want to wait so they have more to bring to the table for their next purchase. The problem with that is both homes are going up in value at the same time, so you’re not really gaining anything by waiting. Additionally, interest rates are also rising which if you wait and they go up, your monthly payment will be larger as well.
How can we navigate through this market without getting stuck? One thing to look at is off-market listings, which are generally comprised of folks who are getting their homes ready for the market. Ask your Realtor for those listings so you can see what’s going to come on the market when you’re ready to sell.
To navigate the market without getting stuck, try looking at off-market listings.
Another option is to look at homes that haven’t been listed on the open MLS. Generally these homeowners want their homes on the market but aren’t open to showings due to certain situations arising, and are only interested in ready, willing, and able buyers. If you’d like access to these listings or are looking for a comprehensive market analysis, give us a call.

If you have any other questions about this topic or you’re looking to buy or sell your home, give us a call or shoot us an email. We’d be happy to help!

Why Waiting to List Your Home Could Be a Big Mistake

The answer to whether you should list your home now or wait depends on your situation. However, don’t be waiting for the wrong reasons.

Call me at (616) 942-2449 for a FREE home buying or selling consultation

If you’re a home seller in our market, should you list your home now or wait?

This is a tough question because real estate values are at an all-time high and demand is also high, so that could make for an awesome sales experience as far as the money that goes into your pocket. However, it can be a challenge to find your next home. 

The answer depends on your situation. Think of buying and selling in terms of one big transaction. A lot of sellers like to dissect those two things, focus on selling for X amount of money, and neglect to look at it as an opportunity to move into their next home. They don’t factor in the costs on the buying side. 
Many people in our market are waiting but waiting for the wrong reason.
Whenever you’re selling a home in this (or any) market and buying a home in the same market, you’ll pick up both the benefits and downsides of the other end of your purchase or sale. Many people in our market are waiting, but waiting for the wrong reason.

For example, they might be waiting for their home value to go up, but this is probably a mistake because home values are already at a peak here in western Michigan. If you’re waiting for your home value to go up, the value of the home you intend to buy next will also be higher once you decide to pull the trigger. 

Furthermore, interest rates continue to rise and will likely not be where they are today in the next one, two, or three years. If your needs are more along the lines of downsizing or upsizing, that may be a valid reason for moving now and taking advantage of the price you’ll get on your home sale and current interest rates, which are very favorable. 

One of the strategies we use to help buyers and sellers is to find homes that are not currently listed. We have a database of available listings whose owners want to sell but can’t be on the market for one reason or another. 

If you have any questions or you’d like to know more about our off-market database and how to navigate selling and buying a home in this market, don’t hesitate to reach out to us. We’d be glad to assist you.