What Does Low Inventory Mean For You?
A discussion of the current market offerings
Posted: October 30, 2020 by Sarah Pate Wilson
Have you been looking at properties available in Port Aransas (or anywhere) lately? You might have felt like there weren't many options and you'd be correct.
With record-low mortgage interest rates, buyers everywhere are looking to capitalize on them. We've seen more people come to the area looking for a full-time residence though the investment properties still remain a top interest.
Those looking to purchase a property here for a second home oftentimes turnaround to put it in the short-term rental circuit. You'd be amazed at the amount of people still coming to Port Aransas (especially on the weekends), as we are well into our usual off-season. It's been crazy to hear of local business owners talk about having their "best October ever" with no sign of slowing down.
According to the National Association of Realtors (NAR), the unsold inventory sits at 3.1 months nationwide. As of the end of September, we were at 5.1 months in Port Aransas. I wouldn't be surprised if it's lower as I am writing this blog post today.
Houses are selling within 24-48 hours and buyers are finding themselves in a situation where they are competing with multiple offers.
This is clearly a good time as any for you to SELL your home, too. There are plenty of buyers looking to purchase a home because of the previously mentioned interest rates, so just as the buyers are competing with other offers, a seller is on the other side getting the highest price value for their home.
What does all of this mean for you?
Get yourself the BEST REALTOR who will PARTNER with you throughout the entire buying or listing process. It should be someone that you can relate to, be 100% open with, and who is an absolute expert in the market.
With all the confidence in the world, I can say, Coldwell Banker Island Escapes is poised to be the game-changer and difference-maker on both sides of the deal.
Best,
cbporta
