Competition in this spring’s housing market might be hotter than ever. With high demand and record low supply, selling a home has never been easier. While that may sound like great news for real estate agents, there is a problem: They are desperate to find listings. With the current market’s low inventory there are about twice as many working real estate professionals as there are available listings. “This is not the time for amateurs,” Dana Bull, a real estate professional in Boston, told CNBC. “This is the big leagues here.”
Fierce bidding wars are common for the limited supply of homes for sale. There are 20% fewer homes listed for sale than there were in March of 2020. The REALTOR® Confidence Index reported an average of four offers for each home sold.
Potential sellers have several concerns, the largest being that they will not be able to find or afford another home. Not only are home prices up over 11% (year over year), but rents are also rising fast. Nearly 61% of home offers nationwide faced bidding wars in February, up from 59% in January. That is the 10th-straight month in which more than half of offers faced competition. More than a third of homes are also now selling for above list price.
Many real estate professionals have begun to look for creative ways to generate business resorting to different media channels and even using local divorce announcements, obituaries, and foreclosure notices. They may call the homeowners or heirs to inquire about the property, discuss the benefits of selling, or even make a cash offer on the spot. Read full article here.
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