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"Inventory is very low right now" doesnt sound like a sales pitch. Its very easy for you to find out on your own whats available in your price range. All you have to do is search on your own online on the many websites that show real estate in your area. Its not something that can be hidden. Either the houses are there, or they arent.
LOL, actually I've been noticing a similar thing in the last few weeks. Lots of realtors swarming the local internet forums for the town where we're buying (which is not yet in a seller's market). They're very insistent about it and post over and over, as if saying it a thousand times somehow makes it true. We're talking unnecessarily urgent notes like pushing someone who mentioned coming to town at the end of the month to do a little house hunting "You'd better come sooner than that because it's now a seller's market and if you don't jump in and get your house today it'll be TOO LATE!" Yet if you look at the MLS, there are still several hundred nice properties have been for sale 6 months or longer.
I think it's more prevalent in those markets that are seeing some tightening but aren't really at the seller's market point yet. They see seller's markets hitting other cities, they think "Why not us? Our inventory is tightening, if we just use the power of positive thinking and insist the seller's market has arrived here too, we could make it so!"
Can you blame them? They'll make a lot of money if they can jumpstart a seller's market in their town, not to mention they want to get those slow buyers to buy. Plus if a seller's market does happen, they'll get credit for having foresight and getting you to buy before the rush.
Do your own research, and follow the MLS listings for your town. See for yourself how quickly things are selling, and how it's changed over the past year or so. Talk to friends who have recently bought and see what they think. If your town is genuinely in a seller's market, you probably don't have anything to lose to take the time to do your own research (there's a point where these things plateau, so it'll be just as much of a seller's market today as it will be next week). On the other hand if you're in a market where the seller's market actually does seem to be fast approaching, jump quickly.
Last edited by Piney Creek; 05-01-2017 at 08:10 AM..
LOL, actually I've been noticing a similar thing in the last few weeks. Lots of realtors swarming the local internet forums posting urgent notes like "BUY NOW! HURRY HURRY! It's a seller's market and if you don't jump in and get your house today it'll be TOO LATE!" Yet if you look at the MLS, there are still several hundred nice properties have been for sale 6 months or longer.
I think it's more prevalent in those markets that are seeing some tightening but aren't really at the seller's market point yet. They see seller's markets hitting other cities, they think "Why not us? Our inventory is tightening, if we just use the power of positive thinking and insist the seller's market has arrived here too, we could make it so!"
Can you blame them? They'll make a lot of money if they can jumpstart a seller's market in their town, not to mention they want to get those slow buyers to buy. Plus if a seller's market does happen, they'll get credit for having foresight and getting you to buy before the rush.
Do your own research, and follow the MLS listings for your town. See for yourself how quickly things are selling, and how it's changed over the past year or so. Talk to friends who have recently bought and see what they think. If your town is genuinely in a seller's market, you probably don't have anything to lose to take the time to do your own research (there's a point where these things plateau, so it'll be just as much of a seller's market today as it will be next week). On the other hand if you're in a market where the seller's market is fast approaching, jump quickly.
This is pretty easy to verify - go to realtor.com, pick a zip code, pick a price-point, knock out vacant land, multi-family & condos & actually *look* at what's left. In my area, if I do that under $200k, I get *one* house, and you can't actually look at it yet, it's "coming soon". Six months ago, I'd often get 3 or 4, but those were often short-sales, tenant occupied, or homes that wouldn't qualify for financing. If that's what *you* get in your zip-code, you don't get to be picky about layout or room colors.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I don't know why anyone would object to realtors telling the truth. They are simply letting you know that the process will be difficult at best. Some people are making 20 or more offers that are beaten by someone else before they actually get a house. We get junk mail every day from realtors offering to sell our house, as they are desperate for more inventory.
Dear Real Estate professionals,
I'm a buyer who is currently trying to find a trustworthy agent so that I can get a starter-home. What I seem to be hearing over and over again is "inventory is very low right now", "there's not much out there in your price range", and "you're going to have to move quickly". It's very frustrating and discouraging to hear. Don't realtors realize that us buyers already know this stuff and these words of negativity that they bring are only going to discourage us from buying further? I am not sure if this is some neg-hit attempt to get me to hurry up and sign with them to buy a home or if they are just trying to shoe me away because I'm unable to feed their wallet by buying a McMansion out in the affluent burbs. Which is it?
It's likely neither. They are trying to be proactive and prepare you for what YOU need to do to get in the mindset of buying a home.
So if an agent says, "A great house came on the market," and you say, "I'm going to a movie with my friends tonight I can't go see it." Don't expect to buy a house in a hot market. You might have to write several offers to get a home. You won't be able to be picky about what you buy. These are all honest statements for starter home buyers in hot markets. If you want to sit it out and not buy, that is totally acceptable, but it seems that agents are being honest with you.
It sounds like you want someone to be a bit more perky about it?
You appear to be looking in the Minneapolis/ St. Paul area. This metro area is one of the most desirable at the current moment. It's just going to be tough.
Do you have a buyers' agent who is locked in? If not, can you interview others?
It's likely neither. They are trying to be proactive and prepare you for what YOU need to do to get in the mindset of buying a home.
So if an agent says, "A great house came on the market," and you say, "I'm going to a movie with my friends tonight I can't go see it." Don't expect to buy a house in a hot market. You might have to write several offers to get a home. You won't be able to be picky about what you buy. These are all honest statements for starter home buyers in hot markets. If you want to sit it out and not buy, that is totally acceptable, but it seems that agents are being honest with you.
It sounds like you want someone to be a bit more perky about it?
This is exactly right. It takes a few losing bids for some buyers to accept the market is hot. I have shown several starter homes in Minneapolis that I would never in a million years think its a good idea to buy (foundation issues, moisture, overall disasters) that go fast and over asking price. I think the agent is just preparing you for the reality of the market here in MSP/STP.
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