” 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.
Just Listed! 59 Oakwood Drive, Shirley
Newly renovated, 3 bedroom Cape. Turnkey and ready for you!
Nearly 6 Million People Can Now Cut Their Mortgage Payments With Refinancing
5.9 million people can potentially save money by refinancing.
4 Reasons to Sell This Summer
Buyers are now out in force looking for their dream homes. Now may be the time for you and your family to move on and start living the life you desire!
Young First-Time Buyers Are Saving for Their Dream Homes
If you a renter planning to buy your first home, we can help you determine what type of home will best suit your needs.
Just Sold! 48 North Ocean Avenue, Center Moriches, NY 11934
Check out the latest sale from BrookHampton Realty!
Let us help you with your next move!
What You Need to Know About Private Mortgage Insurance (PMI)
Whether it is your first time or your fifth, it is always important to know all the facts when it comes to buying a home.