Low Inventory Might Make Buyers Desperate But They Are Not Likely To Wildly Overpay

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Low Inventory Might Make Buyers Desperate But They Are Not Likely To Wildly Overpay
By Scott Rogers • September 26, 2019 Filed In: selling
Inventory levels are low in many price ranges. You have heard it for a while now -- buyers have very few choices under $200K, under $250K and under $300K. For example, in the City of Harrisonburg, here are current options for single family (detached) homes... (2) houses under $150K (3) houses between $150K and $200K (7) houses between $200K and $250K (8) houses between $250K and $300K But -- just because buyers have very few options, and are sometimes DESPERATE to find a house to buy -- that does not necessarily mean they will wildly overpay. So -- if you have a house that is reasonably valued at $220K -- we should not look at the lack of options between $200K and $250K and decide to list it for $249K. And if you have a house that is reasonably valued at $160K -- we should not look at the lack of options under $200K and decide to list it for $199K. Hopefully you get the point here -- just because buyers don't have very many options of houses to buy that does not mean that they will pay ANY PRICE for a house in an under supplied price range. Your home's asking price still needs to be grounded in the reality of what buyers have recently paid for similar houses. Receive updates from HarrisonburgHousingToday.com via e-mail: Enter your e-mail address: Recent Articles: If Your Basement Wall Has A Crack You Should Definitely Buy A Crack Monitor Monthly Housing Cost for Median Priced Home Climbs Further in 2019 Issues Affecting Harrisonburg in 2020 and Beyond 50 Largest Employers in Harrisonburg Rockingham MSA Lower Priced Market Segments See Largest Swings In Housing Inventory 20 Year History of Harrisonburg Area Median Home Sales Price 20 Year History of Harrisonburg Area Home Sales More Homes Sold... More Quickly... at Higher Prices in 2019! When Will Home Buying Activity Ramp Up in 2020? My Predictions for the 2020 Real Estate Market
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Jan 25, 2020 (unless otherwise noted).
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