Every day I’m faced with many questions about the housing market. Should we sell? How’s the Market? What does it mean that inventory is low? Is there a housing bubble?
I’ll answer the last question first…the simple answer in NO. We are not in a housing bubble. Why? 1. Housing supply is extremely limited, 2. Housing demand is REAL, and 3. Most households have plenty of equity.
We are just a couple months into 2021 and I have seen many things I haven’t seen before in our area. The first house I showed to buyers in January just closed for $40,500 OVER list price. The first offer I wrote in 2021 competed with 22 other buyers. I recently showed a home that had 85 showings in 3 days…and 30+ buyers also wanted to see it, but couldn’t. The craziest thing I saw was a Limited Service, For Sale by Owner house up their service to Full Service because they were so overwhelmed by the number of showings and offers, they needed the expertise of the REALTOR to assist them way more than they ever thought they would!
Inventory is low, or limited, for a number of reasons, but the fact is the demand is so high that it makes it seem worse than it really is. It really is simple supply and demand. There are so many qualified buyers ready to purchase a home, when a home hits the market, they flock to it. This means homes just don’t stay active very long.
So how’s the market? Depending on who you ask, the answer will be different based on the glasses they are wearing. The market is extremely robust, competitive, and very good for sellers, to say the least!
If you are thinking about possibly selling your home, now is a good time – maybe better – than ever before! Let us know how the PIH Team can help!