Now is the time to put your house on the market by Carrie Colby

The inventory of homes for sale in the area is low, possibly turning the housing market into one that is in favor of home sellers.

According to the National Association of Realtors, “Comparing the number of homes available for sale in April 2018 to one year ago, we see that inventories in June are nearly 14 percent lower than one year ago. While inventory has continued to decline, sales have been increasing robustly. The year over year change in existing home sales has seen double-digit or near-double-digit gains for 10 consecutive months.”

This is a positive thing for sellers. We are seeing an increase in multiple offers and quicker sales. I personally put two properties on the market in Raymond and they were both under contract within a week. While they are not selling for the prices we saw during the housing boom, they are at least selling.

These two particular properties were on the market for the past two years yet, when I re-listed them this spring there was quite a bit of interest. One buyer who contacted me couldn’t believe their luck when they wanted to make an offer on Wednesday after they saw the property on a Sunday and it was already under contract.

There are buyers actively looking and finding it hard to locate a property they want to buy.

If you are considering putting your home on the market now is a good time. While prices are rising and the inventory is low, it is still important to price your home correctly.

A reputable real estate agent can help you by doing a comparative market analysis. This is done by comparing sales in your area to homes that are similar to yours. We compare the lot size, square footage, number of bed rooms, the existence of a garage etc. then we adjust accordingly to come up with a price. 

If you do price your home correctly you may see a quick sale or possibly multiple offers. I saw a piece on the “Today Show” explaining that homes in other parts of the country are seeing sales way above the asking price. While I don’t see that happening here and I don’t have a crystal ball, I do see that the idea, that once again, real estate is becoming a good investment.

Another indicator that the market is making a rebound is when the people who flip houses for a profit are coming back into the market. If you drive around the area, you can see some properties that have been neglected over the past few years are being bought and rebuilt or improved. This is a good sign of confidence in the housing market.

We do see a more robust real estate market in this area during this summer; so this also makes it a good time to consider listing your home. Even if you have tried to sell in the past few years, you may want to prepare to list your home now.

Carrie Colby is the Broker/Owner of Premier Properties in Raymond and she can be reached at 207-655-2225. Check out all the current listings at www.MainePremierProperties.com.