” 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.
4 Tips to Sell Your Home Faster
One of the top four elements when selling your home is access! If your home is available anytime, that opens up more opportunity to find a buyer right away. So be sure to give buyers full access to your home!
5 Powerful Reasons to Own Instead of Rent
From a financial standpoint, owning a home has always been and will always be better than renting.
Now’s the Time to Move-Up and Upgrade Your Current Home!
If you are debating upgrading your current house to a premium or luxury home, now is the time!
How Many Homes Does it Take for First-Time Buyers to Find the One?
Here are the factors that contribute to whether you’ll be able to find the right home on your first tour or tenth.
10 Steps to Buying a Home This Summer
If you are thinking of buying a home, you may not know where to start. Here is a simple list of 10 steps that you will go through to purchase a home.
Is Mortgage Debt Out of Control?
Unlike 2008, homeowners have a comfortable level of mortgage debt and are sitting on massive amounts of home equity. They will not be walking away from their homes if the housing market begins to soften.