” 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 Luxury Market Is Attracting Buyers in 2021
It appears that some higher-priced markets may have more homes to choose from than those at lower price points.
3 Reasons We’re Definitely Not in a Housing Bubble
Housing supply is at a historic low. Demand is real. Homeowners have enough equity to be able to weather a dip in home values.
6 Foundational Benefits of Homeownership Today
As we think about the future and what we want to achieve beyond 2021, it’s a great time to look at the benefits of owning a home.
Do I Really Need a 20% Down Payment to Buy a Home?
Be sure to work with trusted professionals from the start to learn what you may qualify for in the homebuying process.
Why Owning a Home Is a Powerful Financial Decision
In today’s housing market, there are clear financial benefits to owning a home including the chance to build your net worth.
Want to Build Wealth? Buy a Home This Year.
A financial advantage to owning a home is the wealth built through equity when you own a home.