Home sales have intensified because of high buyer demand and low inventory.
According to the latest February REALTORS® Confidence Index Report, every home sold in February had four offers on average. That is an increase of 33% from February 2020, when each home sold had an average of three offers.
What is driving this buyer frenzy?
Now that the country has rolled out vaccines to millions of Americans and the economy has stabilized somewhat, more people are looking to buy homes and take advantage of low-interest rates before the Fed raises them. However, housing inventory remains low, so you have many more buyers than homes. Besides receiving more offers, homes are selling faster and for more than they were a year ago. In fact, this is the fastest that homes have sold in ten years!
While this means plenty of stiff competition for potential buyers, what effect does this have on potential sellers? If you are thinking of selling a home, now is a great time to get as much equity as possible from your property. At the same time, you will need to consider where you will be moving to ensure you have a new property lined up! Let me help you maximize your return on your home and get you set up with a beautiful new home. Contact me to get the ball rolling today.