If you understand how supply and demand drive real estate decisions you would be amazed about how much “timing” makes a difference in winning or losing. If a market, for example, is in a stall period, buyers and sellers can just sit back and watch without having to make any critical commitments.
However, if you want to be a winner one needs to pay attention to the statistics on change and right now, the real estate business is under slow but constant improvement. Inventory is decreasing and prices are moving up. Days on market are decreasing. In our gated communities, homes coming on the market that are priced properly are selling very quickly.
What is the yellow banana story? Well, when you go to the market to buy bananas you want to buy them a little green or bright yellow so they will last and will be enjoyed. On Monday when you go t0 the supermarket you will have the greatest selection - a big table of yellow bananas. Now if you wait to buy and head back to the store at the end of the week all that is left are a few old brown spotted bananas. You end up heading home with something you don’t really want or nothing at all!
Don’t be the one who is going to outsmart everyone by waiting or trying to undercut the fair pricing of property you would like to have. This is the time to find the right property, decide on a fair price, and make the move.
This is not the time to be a spotted banana buyer who goes home with a goose egg or has to settle for second place.
In real estate, if you are a buyer and the market is tightening, you cannot wait for the ideal property opportunity or hesitate hoping the primary home you are seeking will be on the market “next week.” Often in this situation, you and your family will have to settle for a second home and your decision to wait will always be questioned. All real estate indicators for most categories of homes in the Lowcountry are moving in a positive direction and the pain from the financial crisis, the fall weather and the election are distant memories.