Agents advise on getting ahead of competition in low-inventory luxury markets - Luxury Portfolio International
Agents advise on getting ahead of competition in low-inventory luxury markets - Luxury Portfolio International
Abstract
Smith & Associates Real Estate May 23, 2022 Real Estate 0 Comments Agents advise on getting ahead of competition in low-inventory luxury markets By LISA KLEIN Across the globe, housing inventory is scarce, continuing a pandemic-driven trend of low supply and more-than-normal demand. "Tampa Bay's housing inventory has continued its slide back, with demand outpacing both the resale market and the new construction options available," said Bob Glaser, president/CEO of Smith & Associates Real Estate in Tampa, Florida. Harry Norman REALTORS In Atlanta, inventory has also continued to decline in 2022, with some metro areas dipping 82 percent below the five to six months of inventory to be a balanced market, according to Luke Trigwell, vice president of marketing and communications for Harry Norman, REALTORS® in Atlanta. Image courtesy of Parks Realty "The low inventory, high-demand market has driven price ceilings upward, as buyers in multiple offer scenarios are routinely paying well over asking to secure contracts," said Ashlee Button, a Realtor with Parks Realty in Franklin, Tennessee. "Buyers are behaving like they don't care what a property is listed for, they just want to be here." Agent advantage So, what are would-be luxury homebuyers to do? "While there is no single solution in a low inventory market, an experienced, informed and well-connected agent can unlock additional possibilities," Mr. Trigwell said. "A knowledgeable agent armed with the right tools and resources can make all the difference for buyers navigating competitive markets." An agent must understand their market to provide suggestions for competitive yet appropriate offers, navigate multiple offer situations, provide alternative ways to snag a home and, above all, act quickly. RISING INTEREST rates and a decrease in COVID-related impulse buying are expected to even out the housing market in the coming year, but low inventory issues have not let up quite yet.
