What's Happening with Mansfield's Inventory Levels?

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Lately, I've found myself explaining real estate inventory levels to many people. Our market is crazy right now, and it seems like there are 10 buyers for each house on the market. Guess what? That's because there is! Right now, there is a supply and demand problem that primarily affects buyers. Essentially, that problem exists because we have not been fulfilling our industry inventory levels since 2008.  

Before 2008, builders were putting up new homes constantly. Whenever you walked down a street, it seemed like there was a new subdivision. Builders were also putting up spec homes so that people who were unwilling to wait the six to eight months still had inventory to look at. For most of those buyers, the financing has not come around for them to do that anymore. Plus, many builders are still a little gun-shy, as they were stuck with extra inventory back in 2008. 

On top of all of that, we have an entire generation of millennials entering the market and looking for starter homes. Our inventory just started approaching industry levels this year, and I don't think the supply and demand issue will be neutral for another three to five years. 

It's different all across the country. In the Northeast, they still aren't building enough for demand. The West is barely getting there. Here in the South, we're doing better than anybody else. We're supplying about 30% more than demand. However, we still have a lot of catching up to do, and while we're catching up, more and more buyers are coming onto the market.

If you have any further questions, please feel free to reach out to me. If you're thinking of buying or selling a home, call or email me today for a free consultation.

Do You Know How to Handle Multiple Offer Situations?

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The market here in Mansfield is extremely active and we're seeing a lot of multiple offers happening. This is why I thought I would shed some light on this topic, as a lot of my clients have been asking about it. There are different strategies that buyers and sellers can take when faced with this problem, and I'm here to tell you about them.

The important thing to know as a buyer is that your competition will be fierce, but this doesn't mean that you don't stand a chance. Sometimes a personalized offer can help push you to the top of the list. Sellers are always more comfortable choosing a buyer that they can relate to, and one that they know will be taking good care of their home. Writing a note to them explaining why you want the property can help a lot, but I've also filmed videos with families, and that can be helpful too. 

If you're a seller in a multiple offer situation, it's important to have patience as we expose your property to a large audience of buyers. When you do get multiple offers, you want to ensure that the offers are from pre-qualified buyers, because they're serious about purchasing a home. Cash offers are also good, but you just want to see proof of funds. However, sometimes cash is not the most important, sometimes the best offer is the one that has the highest likelihood of closing. Every seller has a different motivation, so sometimes it's also just a matter of what works for you. 

As always, if you need assistance buying or selling real estate in Mansfield, please don't hesitate to contact me. I'm always here to help.