Existing homes are also in short supply, especially in the most desirable areas. “There is an extreme demand for properties that are close to amenities,” says Sonya Wells, an agent with The Firm Real Estate LLC. “The convenience factor is always a drawing card.” Certain Springfield neighborhoods will always be hot for that reason: Brentwood, Rountree, Southern Hills and Phelps Grove, to name a few. Buyers in these areas, especially, need to bring their game, because properties don’t stay on the market long. In fact, some homes sell through word of mouth and are never even listed. An energetic and well connected agent can help you find these hidden gems, but keep in mind, they might require some updating and remodeling.
Opportunities for Sellers
This strong demand for existing homes is driving up prices a bit and motivating some owners to think about selling while conditions are favorable. “Homes are selling at 97 percent of list,” Mullings says. But buyers are more demanding these days. “Millennials are looking for updated, move-in ready homes,” she says. “They don’t have time in their busy lives to take on projects, and their priorities are different than [those of] the previous generation.”
That means sellers need to ensure their home will show well. Declutter, remove family photos and if necessary, consider professional staging. It’s a seller’s market, but as noted, today’s buyers have high expectations. A little preparation will offer a big payback. “With inventory so low, sellers are often receiving multiple offers,” Brodersen says. Your realtor can advise you on the best ways to boost your curb appeal and make your interiors most inviting without spending too much money.