We are in a hot market right now! Properties are not staying on the MLS long. Many with offers in place with sight unseen. Cash offers are paving the way in the market.
The inventory of available homes for sale is now at a record low.
It is driving competition and home prices ever higher across many regions of the country including ours. With demand for homes remaining strong, it's hard to imagine when the market might become more affordable and that has left many buyers wondering whether they should act now or just wait it out.
Different story a year ago...
Home Buying fell off a cliff when the pandemic hit. Home sales dropped about 40%. But, while home sales bounced back last May, the inventory has not. And that's the issue, because of lack of supply, the demand is that much higher - causing prices to rise as well. Frustrated buyers want to know when this will end. As prices rise and mortgage rates climb - the housing market may cool down in the fall. But that is pure speculation.
Most people took advantage of the lower interest rates when they refinanced their homes last year - more affordable payments and shorter terms on their current mortgage may also be a reason the inventory is low.
Builders are trying their best to get new homes into inventory - but they are being bought up just as quickly.
Who knows what the rest of 2021 will bring with the housing market. Only time will tell.