With businesses reopening throughout the country and some experts indicating early signs of a much-anticipated economic recovery, more homebuyers are actively entering the housing market this summer. Today, housing is truly driving the U.S. economy forward. With so many buyers looking for homes to purchase and so few houses for sale right now, there’s a disconnect between supply and demand. This imbalance is pushing home prices upward while driving more bidding wars and multiple-offer scenarios. Danielle Hale, Chief Economist at realtor.com explains:
“People are surprised that prices are rising, not falling, because in the last recession home prices fell, the difference this time is the severe shortage of homes for sale…We are seeing bigger price increases with [a limited] number of homes…That is likely to lead to more competition and potentially multiple offers and bidding wars.”
According to the recent Realtors Confidence Index (RCI) survey conducted by the National Association of Realtors (NAR), this trend is growing:
“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”
HousingWire also indicates:
“42% of homeowners who made a purchase during the January to May time period ended up in a bidding war, demonstrating the strong demand for homes amid low inventory.”
With more people returning to work we’ll continue to see the number of interested buyers increase. So, if you’re among the many people looking for a home to buy this summer, it’s important to ensure you have the right guidance from the start. This way, you make sure your offer stands out from the crowd when it really counts. Here are two tips to follow.
1. Hire a Trusted Local Expert
A trusted local real estate professional matters more than ever right now, as noted in a recent survey shared by NAR. In fact, according to respondents, 54% of buyers and 62% of sellers indicated that “Particularly during the pandemic, a real estate agent’s guidance is especially valued.”
We’re not in a normal market. We are in one of the greatest health crises our nation has ever seen. The pandemic has had a dramatic impact on the journey consumers must take to purchase a home. To successfully navigate the landscape today, you need a true expert on your side.
2. Get Pre-Approved for a Mortgage
When there are more buyers than sellers on the market, the process to find a home becomes much more challenging. One way to show you’re serious about buying a home is to work with a lender to get pre-approved for a mortgage before starting your search. With a pre-approval letter, sellers will see your true desire to buy this year, potentially helping your offer rise to the top.
Bottom Line
If this is the year you’re ready to buy, let’s connect to get the process started so you can make sure your offer is a strong one when the competition heats up.
Hello mates, its fantastic post on the topic
of tutoringand fully defined, keep it up all the time.
I’m not sure the place you are getting your
information, however good topic. I must spend a while studying more
or understanding more. Thank you for wonderful info I was in search of this
info for my mission.
Quality articles is the key to be a focus for the people to pay a visit the
web page, that’s what this site is providing.
Saved as a favorite, I love your website!
Thank you
It’s the best time to make some plans for the future
and it is time to be happy. I’ve learn this put
up and if I could I wish to counsel you few fascinating issues or advice.
Maybe you could write subsequent articles relating to this
article. I want to read even more things
approximately it!
thank you
Excellent goods from you, man. I have understand your stuff previous to and you’re just extremely wonderful.
I actually like what you have acquired here, certainly like what you are saying and the way in which you say it.
You make it entertaining and you still care for to keep it sensible.
I cant wait to read far more from you. This is
actually a terrific website.
thank you
Hi there, I discovered your website by the use of Google while looking
for a related subject, your web site came up, it appears great.
I’ve bookmarked it in my google bookmarks.
Hello there, simply turned into alert to your blog via Google,
and found that it’s truly informative. I am gonna be careful for brussels.
I will appreciate for those who proceed this in future.
Numerous people might be benefited from your writing.
Cheers!
Thank you
Wow, fantastic blog format! How lengthy have you been running
a blog for? you made blogging glance easy. The overall glance of your web site is magnificent, let alone the content material!
Thanks very nice blog!
Good info. Lucky me I recently found your blog by chance (stumbleupon).
I have saved as a favorite for later!
I think the admin of this site is truly working hard in favor
of his web site, because here every stuff is quality based data.