” 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.
Open House! $449,000
Saturday, June 15, 2019
12PM – 2PM
128 Holiday Boulevard, Center Moriches, NY 11934
Just Sold! 287 McConnell Avenue, Bayport, NY 11705
Check out the latest sale from BrookHampton Realty!
Let us help you with your next move!
3 Things to Know in the Housing Market Today!
We are in a strong housing market. Whether you are thinking of buying or selling, it’s a great time to be in the market.
Renting or Owning, What Is Better for You?
Whether you rent or buy depends on your life situation. If you are interested in becoming a homeowner, we are happy to help you!
2 Myths Holding Back Home Buyers
In a recently released report, Freddie Mac states “For many prospective homebuyers, saving for a down payment is the largest barrier to achieving the goal of homeownership.”
Open House! $499,000
Sunday, June 9, 2019
2PM – 4PM
3 Winnie Road, Center Moriches, NY 11934