We're still seeing an extremely competitive real estate market. Inventory remains at historic lows and most listings are receiving multiple offers... Meaning there a more buyers in today's market than there are homes for sale. Many buyers have been searching for months and have struggled to find a property in this highly competitive market. Many thought that the Spring market would bring an influx of listings, but we have not yet seen that. Anyone thinking about selling in this market should expect to see fantastic results with such high demand. For buyers, not all hope is lost, while there is a small increase in mortgage interest rates they still remain historically low. And, experienced agents are using a number of strategies to help get offers accepted in multiple offer situations. With that said, it is still imperative for buyers to move quickly as nice conditions homes do not last for long. I think the quote from Odeta Kushi above sums up the market best... Many homeowners are not selling for fear of not finding a replacement property, which has exacerbated the lack of inventory.
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.
More buyers are walking though the door to look at houses (showings), but there are fewer houses on the market for sale
Contracts are keeping pace with new listings
- 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.
