My New Blog

A recent search for Sioux City residential homes for sale in most price ranges paints a pretty bleak picture. At this time last year there were almost 200 more listings on the MLS. Days on market has fallen, on average, over 40 days while the total number of pending listings hasn't. Less inventory plus a shorter sale cycle coupled with the same number of pending contracts means less system wide desirable active listings.

From a practical point this means fewer homes from which buyers can choose. The well upgraded, properly priced listing doesn't last very long and often elicits multiple offers on the first listing day. Some buyers experience a month long search in which few new listings appear in their preferred price point. Very frustrating for both buyer and Realtor.

I'm a bit surprised, actually, at this recent dearth of inventory in Sioux City. With the restructured tax credit for homebuyers expanding to include existing homeowners (that have been in their primary residence for 5 years) one would think that quite a few would be taking notice and using this time to move up. They may be, in fact, but if they are, it's not yet impacted inventory levels.

The process of selling your home can be both intimidating and filled with anxiety. However, it looks as though it might be worth taking the plunge right now with the lack of inventory on the market. In the simpliest of terms, there just isn't much competition out there right now and it will be very interesting to see if things change as we move past the Holidays and into 2011.