Some sellers and agents might think that the beach home market has fewer buyers right now. While it might look that way, that isn’t the case. Beach Homes Realty CEO, Glenn Phillips, explains why there are not fewer beach home buyers.
- Insights from Beach-Homes.com: Insights from Beach Homes Realty’s website show buyers still look at listings. However, they may not always reach out to express interest or make an offer. This makes it seem like they’ve lost interest.
- “I’m not hearing from as many buyers.” This may be true, but not hearing from them doesn’t mean they have no interest.
- Inventory Problem: Appropriately priced available inventory is in short supply. If a grocery store doesn’t have what you want, would you bother going there or calling? It’s the same way with the beach home inventory.
- Appropriately Priced Sell Fast: Homes with appropriate pricing sell quickly. This means that you likely don’t see it when you look at listings online.
- “Phantom Inventory”: This is a property listed by speculative sellers who think the market is still going up. However, the market has begun to level off. Instead of listing at the current steady market price, speculative sellers price their homes as if the market price will increase. This “phantom inventory” inflates the market.
- Buyers Not Gone: Watching & Waiting: Buyers today are more informed than ever. They watch and wait online for speculative sellers to bring down their prices. They also wait for more appropriately priced homes to come into inventory.
Whether you’re buying or selling, being informed about current market trends is essential. As sellers, you need to understand why you’re not getting offers right now. Even though it looks like there aren’t as many buyers, studying market trends reveals that isn’t true. Visit beach-homes.com to connect with agents who can help you list your home as well as explain current market trends.