” 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 Reasons to Buy A Home This Summer
If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings. And we can help! Call BrookHampton Realty today!
3D Virtual Tour: 3 Newpoint Ln, East Moriches
Diamond Ranch in prime Newport Beach location!
Multigenerational Homes are on the Rise
An increasing number of studies affirm the benefits of being part of a multigenerational household. These benefits aren’t just for the grandchildren, but for the grandparents as well.
Open House! $499,000
Sunday, June 2, 2019
1PM – 3PM
3 Winnie Road, Center Moriches, NY 11934
3D Virtual Tour: 3 Winnie Rd, Center Moriches
Beautiful water views from this 2 story contemporary home!
Open House! $449,000
Sunday, June 2, 2019
12 PM-2 PM
128 Holiday Boulevard, Center Moriches, NY 11934