Throughout much of the last six years, homeowners have had no choice but to respond to the whims of buyers, by either selling their properties at a loss or sitting on them until prices begin to climb again. Now, the power seems to be shifting back into the hands of buyers, as heightened competition among buyers has many homeowners salivating at the possibilities of selling their properties.
A Bloomberg Businessweek story published late last week detailed the problems sellers are currently having due to low inventory numbers. After years of desperation from cash-strapped buyers, economic conditions have improved enough that many of them are now able to offer well beyond asking prices in order to ensure that a deal goes through.
Part of this current market condition – although not in all markets – is attributable to low inventory numbers, which may actually start to improve as more foreclosed properties go on the market.
Low inventory numbers have compelled some desperate buyers to take alternate measures to ensure that they get the properties they want. The Minneapolis Star Tribune recently detailed the plight of buyers in the Minnesota area who turn to homes that are not yet even on the market to fulfill their property needs.
"There is a shadow market out there with a lot of people who want to sell," local real estate broker Joe Grunnet told the newspaper. "[Homeowners] just don't know they can sell in this market. They still think the world is coming to an end."
Although home sales are expected to increase, those homeowners who are unable or unwilling to sell their properties should look to a Utah mortgage company that can help them refinance as a means to make their homes more affordable. Similarly, consumers planning on buying a home in Utah can use this real estate expert to find properties that may not be readily accessible to all buyers.
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