National Association of Realtors is reporting that there is a shortage of homes on the market and the ones that are on are getting multiple offers over the listed price. This is an excerpt from them:
Consumers are increasingly on the house hunt this spring. Though they're enjoying solid employment and paycheck gains and in a rush to beat rising mortgage rates, they’re also struggling to find a home to buy in many housing markets.Indeed, the supply of homes for-sale is at a nearly 20-year low. The most affordable homes—those that tend to attract first-time buyers—are in short supply too. Meanwhile, home prices are rising sharply as buyers find themselves competing for the few homes that are for sale.
About 1.75 million homes were for-sale nationally at the end of February, down 6.4 percent from a year earlier, according to the National Association of REALTORS®. The supply of homes has dropped on an annual basis for the last 21 months.
Why is the supply so low? Housing experts point to several reasons. The average time that owners are staying in their homes before selling has doubled to nearly eight years, according to ATTOM Data Solutions. Investors own a larger portion of houses and they've been renting them out. Between 2006 and 2016, the share of single-family houses and condos owned by investors averaged around 30 percent. Also, builders--faced with rising land costs and a shortage or skilled workers--have done little to ramp up new-home supplies.
The shortages are prompting home prices to skyrocket. The median sales price jumped 7.7 percent from a year ago to $228,400—more than double the pace of average pay gains.
So, if you are looking to sell...NOW is a great time for you!!!! If you are a buyer looking for a home, you have to be pre-qualified as you are going to be up against more buyers than ever looking at the same homes. It also means you are going to need to be patient and expect to look for a while, but find a Realtor that will share that patience with you. I worked with one couple for 7 years before we found the "WOW' factor house, but it was well worth the wait when I saw their faces light up. That is why I am in Real Estate!
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