Submitted by: Cheryl Fields
Buyers are ready to take advantage of the record-low interest rates and incentives mortgage brokers have to offer yet, the inventory is lower than before the health crisis hit us making this one of the biggest challenges facing this hot market. Buyers are being forced to compete in multiple offer situations time and time again only to be beat out by offers that are several thousands of dollars over asking price. Fantastic news if you are the seller! Continued rejection and hopeless feelings if you are the buyer.
This leaves many of us asking, “Where are all the houses?” It’s not that there are 0 homes to be sold. We can look in the MLS and see homes being sold everyday. The problem is many of the homes are selling faster than they can be counted as current inventory. They might even be selling before they hit the market. Think of it like the great toilet paper shortage of 2020! We tried everything to get an insight on what stores and what times those stores would have their shipments processed and on the shelves so we could be the first in line. Same with the houses being sold right now. Before the house is on the market 24 hours, it’s already booked up for multiple showings throughout the day and has multiple offers before 9am. Yes, some offers are presented before the potential buyers have even seen the house. It is that competitive!
Economists believe the pandemic has been a big reason why potential sellers have put off selling their home but, with the vaccines becoming more widely available they anticipate homeowners will start making their moves again. If you are ready to get the best price and less hassle than ever before, why wait to sell? Selling conditions are here now! Don’t wait til the middle of the year when everyone else starts listing. List now to make sure your listing gets the most attention,and you have the ability to create your own terms and timelines. If you are a buyer, holding on by a thread of hope, this seller's market won’t last forever. Whichever situation you find yourself in, feel free to reach out to me. I am always here to professionally guide you through the process.