” 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.
The Top Indicator if You Want to Know Where Mortgage Rates Are Heading
Mortgage rates have increased significantly since the beginning of the year.
Owning Is More Affordable than Renting in the Majority of the Country
If you’re weighing your options between renting and buying, it’s important to look at the full picture.
Why Right Now Is a Once-in-a-Lifetime Opportunity for Sellers
In the case of homeowners who are thinking about selling, there may never be a better time than right now.
Why Pre-Approval Is Key for Homebuyers in 2022
Every step you can take to gain an advantage as a buyer is crucial when today’s market is constantly changing.
Buyers Want To Know: Why Is Housing Supply Still So Low?
While low inventory in the housing market isn’t new, it’s a challenge that continues to grow over time.
With Mortgage Rates Climbing, Now’s the Time to Act
Historical data shows that today’s rate, even at 3.45%, is still well below the average for each of the last five decades.