One of the biggest phenomenons of 2013 has been how difficult its been for me to locate homes for my buyers. It's one of those things that can cause a motivated buyer to question my ability to actually fulfill my end of the bargain. If you're a consumer working with an agent right now, take a step back and consider this if you're feeling the pain of a home search that hasn't gone to plan. There are a few reasons we're seeing inventory levels so low.
As interest rates continue to remain low, buyers are becoming more weary that the affordability of housing may not remain so low. For every 1% increase in interest rates, a buyer can lose up to 10% of their purchasing power. That's huge folks! The economy is also stabilizing, so more people feel comfortable making a purchase. On the seller side, we had so many distressed properties on the market for a while as well as sellers who were forced to sell. Now that the market is evolving, the primary sellers are ones who don't have to sell with many sitting on the sidelines waiting for higher prices. Brookhaven homes are especially hard to obtain, because folks don't want to leave, and many buyers want to get into this exclusive area as well.
If I'm a buyer working with an agent, I'm asking a few questions. How familiar are you with the brookhaven real estate market? Do you have a pulse on what's coming on the market other than the local listing service? How experienced are you with multiple offer situations? Do you mind door knocking to find motivated sellers? These are very important questions that can determine if you're working with the right agent. Finding the best Brookhaven homes take planning and expertise.
