With so much pent up demand, and a low inventory of housing stock, this year’s buyers should expect another highly competitive season, according to Michele Lerner writing for the Washington Post.
Nationally, the number of homes for sale was down by 48.6 percent in February, compared to the same period in 2020. Overall available listings declined by 24.5 percent nationally year over year. As buyer demand continues to rise, the median listing price has risen as well. Homes are selling faster and bidding wars are common. What does it mean for you? If you’re a buyer, you’ll need to move fast, you could pay more than the asking price of the home, and it’s possible you will need to be flexible on your demands for concessions, inspections and other factors.
For sellers, you’ll want to be sure you have a real estate professional to advise you on how to market your home, negotiate with buyers and sell it for the best possible price. The Vanguard Realty Associates team is up to the task. Get in touch and let us help you navigate the challenges and opportunities of this year’s red-hot real estate market.