” In today’s strong seller’s market, bidding wars are common and expected with starter or entry-level homes.”
The reality of what we’re seeing this month is that homes are selling fast. In today’s strong seller’s market, bidding wars are common and expected with starter or entry-level homes.
In most areas of the country, first-time buyers have been met with fierce competition throughout their homebuying experience. Some have been out-bid multiple times before finally going into contract on a home to call their own.
Right now, inventory is the big challenge. Here’s what we know today:
According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently a 3.9-month supply of homes for sale, which can drive this kind of hefty buyer competition. Remember, anything less than 6 months of inventory is a seller’s market.
Even though the month’s supply of inventory is not increasing, ironically, the number of homes for sale is. This means homes are coming up for sale, but they’re being sold quickly. The graph below shows the year-over-year change in inventory over the last 12 months.As depicted above, the percentage of available inventory has fallen for four consecutive months when compared to the previous year.
So, what does this mean? If you’re a buyer, be sure to get pre-approved for a mortgage and be ready to make a competitive offer, so you can move quickly. Chances are, homes high on your wish list are likely going to go fast.
Bottom Line
If you’re thinking of buying a home, make sure you’re taking the right steps at the beginning of the process, so you’re a top contender if you ultimately find yourself in a bidding war. Let’s get together to discuss what you need to do to make your move toward homeownership.
To view original article, visit Keeping Current Matters.
2020 Forecast Shows Continued Home Price Appreciation
Experts forecast home price appreciation to continue at a moderate rate as we move through 2020 and beyond.
Where is the Housing Market Headed in 2020?
The Real Estate Market is projected to have a GREAT year in 2020! Number of homes sold next year will equal or outpace 2019.
5,300 Reasons to Be Happy You’re a Homeowner
The average homeowner gain in equity over the last twelve months was $5,300. How much equity have you gained?
The Biggest Issue Facing House Next Year
The most important thing you can do is understand what is happening in your local market.
3 Mistakes to Avoid When Selling a Home in 2020
It’s exciting to put a house on the market and to think about making new memories. However, homeowners should avoid 3 costly mistakes.
Get Your House Ready to Sell This Winter
According to realtor.com, “there are a few small repairs that will make your home sell faster and for more money. Get your house ready to sell now with quick and easy fixes that make a big impact!”