” 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.
What is the Cost of Waiting Until Next Year to Buy?
If you’re ready and willing to buy your dream home, now is a great time to buy.
Homeowners Are Happy! Renters? Not So Much.
As good as the “financial equity” is, it doesn’t compare to the “emotional equity” gained through owning your own home.
Are You Ready for the ‘Black Friday’ of Real Estate?
New realtor.com study reports the week of September 22 is the best time of year to buy a home, making it ‘Black Friday’ for homebuyers.
Should You Fix Your House Up or Sell Now?
If you’re considering selling your house, let’s get together to help you confidently determine what the best choice for you and your family is.
Is Your House “Priced to Sell Immediately”?
In today’s real estate market, more houses are coming to market every day. Pricing your home right from the start can make a big difference!
4 Reasons to Sell This Fall
Fall is a great time to sell your house! Take a look at 4 great reasons why you should consider selling this Fall and then let us help you with the rest!