We’re still seeing an extremely competitive real estate market. Inventory remains at historic lows and most listings are receiving multiple offers… With that being said, some buyers have decided to take a “break” from the market and let things cool off, this is referred to as buyer “fatigue” above. Inventory has ticked up every so slightly causing the market to normalize just a bit. I think we have seen the peak or extreme of this market. But do not confuse that for a market shift, this is still an extremely low inventory market, with lots of equity, low rates, and competition. The 2nd home market saw some of the largest surges in 2020 and appreciation is expected to continue.
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Why this housing boom is nothing like last time…
- While prices are rising they’re not rising at the same rate that they did prior to the 2008 housing crash
- We don’t have a surplus of homes on the market. We have a shortage.
- People are equity rich, not tapped out.
- Every week we track the number of new listings coming onto the market and the number of listings to go under contract. If these numbers continue to stay close, inventory stays low, and the market stays competitive.