Today is a good day to look at the first quarter of 2014, and discuss where we are headed. First, we currently have a six month inventory on hand. This is a reduction from the beginning of the year where we had over nine months available. The market is considered BALANCED (an equal number of buyers and sellers) at six months of inventory. So, for now we are balanced.
This is good for sellers as the inventory has shrunk some from January, so you do not have quite as much competition. It is also good for buyers especially those that looked last year when we were running in the 4 ½ months of inventory range. There are more choices for buyers compared to last year. The other plus factor is that everyone needs to be reasonable and receptive to fair negotiations.
A buyer cannot expect to offer an unreasonably low price and get the house and a seller cannot price their house above the market. A sure sign that the house is overpriced is that you have very few showings and no offers. The buyers are buying something else other than your house. Likewise, if as a buyer you see something that is a nice property and a reasonable price, you better make a decent offer or the next buyer will and you will be out of luck. I hope this has helped you.