Traditionally, spring is the busiest season for real estate. Buyers come out in force and homeowners list their houses for sale hoping to capitalize on buyer activity. This year will be no different!
Buyers have already been out in force looking for their dream homes and more are on their way, but the challenge is that the inventory of homes for sale has not kept up with demand, which has lead to A LOT of competition for the homes thatareavailable.
A recentBloombergarticletouched 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 EconomistatCoreLogicwent on to explain 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,“thirty-five percent of properties are selling within the first week or two of hitting the market.”Homes are selling at a rapid clip in places like:
Grand Rapids, MI
In today’s competitive atmosphere, you need a professional on your side who knows your exact market conditions and can help you take the steps you need to be able to secure your new home! Give Moe a call now to find your dream home. 754-234-0637
Author:Morrie Finkelstein Phone: 754-234-0637 Dated: April 13th 2017 Views: 136 About Morrie: ...
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