If you have been following along with my recent posts on Market Trends in the Highland Lakes area, you will note that there has been a lot of talk about the seller's market and the lack of inventory. This has not changed in the past month all that much, though, I am starting to get the sense that there may be some market balance in the future. There are a couple of factors that lead me to this conclusion.
The first is that lots are selling really quickly. In my own experience, there are individuals who are purchaing several tracts and, I suspect, with the intention of developing. So, we would expect that home building will continue to increase. If builders are able to keep up with the demand for new construction, we could see some increased inventory over the next six months or so.
The second factor is that it seems that homeowners who were considering selling, or maybe on the fence about selling, are starting to list their homes. It feels like there has been an uptick in new listings over the past couple of weeks. The strong seller's market is going to push some people into the market who may not have seriously considered it even a few months ago.
The third factor is that as interest rates and competition for properties rise, it may push some buyers out of the market. This should lead to a more balanced market. Right now, sellers are asking, and receiving, higher prices than we would have expected. There are multiple offers within hours on new listings - homes and lots. If more homes and lots come on the market as we approach summer and demand wanes a bit, we should see conditions become more favorable for the buyer.
With all of that said, if you are thinking about selling, now is a great time to do it. You can catch the market in a time when prices are highest for sellers. I have two properties that had been on the market for a bit, both sold for asking or near asking in the past couple of weeks. You may be able to capitalize on a very favorable seller's market. Summer generally brings more buyers into the area as well. So, it may just be the perfect time to get that house listed!