If you have been keeping an eye on the housing market lately, it will come as no surprise to you that home prices are hitting record highs. According to the National Association of Realtors, the median home sale price increased 17.2% year over year in March 2021, to hit a record high of $329,100. Experts attribute this rapid increase to many factors, including low interest rates, exceptionally scant inventory, and an increase of buyers coming to the market.
Throughout the COVID-19 pandemic, homeowners have been hesitant to list their homes, which resulted in especially low market inventory. As a result, many buyers turned to new construction, but even builders cannot keep up with the demand. The inventory shortage has created a seller’s market with many homes selling well over asking price and going into bidding wars.
While experts expect this frenzy to cool as time goes on, it is important for all homebuyers in this market to be prepared to make their absolute best offer. As your Mortgage Planner, I can pre-approve you before you begin looking at homes so you know what you are able to afford and so your offer will be more appealing to sellers. I can also refer you to one of my trusted real estate partners who will help you make your best home offer possible.
To read more about today’s housing market, click here.Tags: Mortgage News