Typically, real estate is the busiest in spring. Sellers list their homes looking to capitalize on buyer activity and buyers come out in full force. It will be no different this year. However, the spring buying competition could get fierce.
There is a lot of spring buying competition for the homes available. It has been a challenge this year to get a larger inventory of homes for sale to appease the buyers demand. Buyers are out in full force searching for their dream home, and there will be more on their way.
A recent Bloomberg article talked about the markets current 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, “thirty-five percent of properties are selling within the first week or two of hitting the market.” Homes are flying off the market in places like:
- Denver, CO
- Seattle, WA
- Oakland, CA
- Grand Rapids, MI
- Boise, ID
- Madison, WI
- Omaha, NE
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!
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