First some statistics. In February of 2014 103 homes went under contract in Carmel averaging 96 days on the market. In March of last year 166 homes pended into escrow at 72 days on the market. In April the progression continued with 185 escrows established at 56 days average on the market. You can clearly see the activity level ramping up as we see March and April coming upon us.
So let's translate this. For buyers it means get ready. The available inventory will grow but so will demand. If you find the home you want you had better be ready to pounce with a strong offer or someone else will. Have your finances in order with a rock solid preapproval letter from your lender in hand.
For sellers, don't get too giddy. While your odds of selling go up, so does your competition. Then there's the demand dynamic. Buyers have gotten more and more discerning. They want done. They want granite and stainless and hardwoods. They are much less interested in some nebulous concept of getting a deal if it means they have to fork out tens of thousands after a closing to reap that benefit. Again...they want it done. Your job is to do all you can to get your property ready or be prepared to price it at a significant discount. However many 'warts' (in the true business sense of buyer demand) you have will determine sales price obviously but also time on the market and percentage of list price you'll receive. Just because we are inventory challenged doesn't mean you're product no matter how imperfect will draw a favorable offer. Be realistic. If not you'll be in that group of people that sees May become Labor Day with no end to your journey in site.
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