Be Prepared for a Bidding War
Buyers are out in force looking for their dream homes and more are on the way. The challenge is that the inventory of homes for sale has not kept up with buyer demand. This has lead to A LOT of competition for the homes that are available.
A recent Bloomberg article touched on the current market conditions:
“It’s the 2017 U.S. spring home-selling season, and listings are scarcer than they’ve ever been. Bidding wars common in perennially hot markets like the San Francisco Bay area, Denver and Boston are now also prevalent in the once slow-and-steady heartland, sending prices higher and sparking desperation among buyers across the country.”
Sam Khater, Deputy Chief Economist at CoreLogic explains why buyers are flocking to the market in big numbers:
“In today’s market, many buyers think the trough in [interest] rates is over. If you don’t get in now, it’s just going to be worse later. Rates will be higher, prices will be higher, and maybe inventory selection will be lower.”
In some markets, homes are going under contract within the 7-10 days of hitting the market. These markets include:
- Denver, CO
- Seattle, WA
- Oakland, CA
- Grand Rapids, MI
- Boise, ID
- Madison, WI
- Omaha, NE
Real Estate Bottom Line
Let’s get together to discuss your exact market conditions and help you create a strategy to secure your new home in this competitive atmosphere!