A Seller’s Market

As of yesterday afternoon, there were only three Bent Tree homes listed for sale that weren’t “under contract” or “pending”.

Here’s the explanation of a seller’s market from the Rocket Mortgage website:

What Is A Seller’s Market?

A seller’s market arises when demand exceeds supply. In other words, there are many interested buyers, but the real estate inventory is low. Since there are fewer homes available, sellers are at an advantage.

In a seller’s market, homes sell faster, and buyers must compete with each other in order to score a property. These market conditions often make buyers willing to spend more on a home than they would otherwise. Therefore, sellers can raise their asking prices. Furthermore, the increased interest means that buyers rarely have the power to negotiate and are more willing to accept properties as-is.

Due to the shortage of housing, these conditions often lead to bidding wars. During bidding wars, buyers will make competing offers and drive up the price, typically above what the seller initially asked for.

2020 Bent Tree Home Sales

April 15, 2020 - Lake Tamarack in Bent Tree

April 15, 2020 – Lake Tamarack in Bent Tree

At least 34 Bent Tree homes have hit the books as sold so far in 2020.  The prices ranged from $90,000 for a 1972 Lindal Cedar Chalet in need of TLC, to $425,000 for a lakefront home.

2020 0417 homes sales for web

 

 

14 Sales and Counting

  • As of Friday, 14 Bent Tree homes have hit the books as “SOLD” so far this year.
    • In the same time period last year, only 6 homes had sold.
  • As of yesterday, only 45 BT homes are showing “ACTIVE” for sale
    • 4 of those 45 are “UNDER CONTRACT”.
  • As of yesterday, 17 homes have a “SALE PENDING” status.