Inventory remains very tight in the bottom half of the market. In general these kinds of inventory restrictions create a mad fury of bidding as frustrated buyers fight to get an opportunity to own a home. This market however has a caveat in that the buyers remain cautious. They will bid up a nice move-in ready home in a great neighborhood but they are avoiding homes that are not pristine or that are located in less desirable neighborhoods.
Buyers will simply pass on a home that is overbuilt for the neighborhood or in need of a great deal of repair. Sellers need to be aware of this and cleaning up a new listing and making it look as good as possible could be the difference between a quick sale with multiple offers and a lingering slow sale scenario.
Builders have reemerged with a strong presence and have dozens of new home communities being built. In general these communities seem to be selling well. The market is strong but buyers remain selective and bordering on picky, so sellers need to step up their game to get top dollar for their listing.
This is going to be an interesting summer.
