Well, it's really not news at this point. The current market is extremely competitive. The inventory is low and we have a backlog of homebuyers that will last months if not years. What we are witnessing is not a covid induced bubble, but a simple business concept - supply & demand. When supply goes down, prices goes up. However, in real estate, price is not always the deciding factor! There are so many other things in a transaction to be factored in! Contingencies: Home Inspection, Financing, Appraisal, Radon, Home Sale to name the most common - and then there are other elements - rent-back, settlement date, taxes. Every transaction is unique because people are unique and homes are tied to the people who are buying and selling them.
I believe we still have months and months of fierce competition ahead. It's a sellers market for sure, but buyers are still winning and moving in to their dream homes! Rates are still low, but we'll see them go up and what you can afford now will be different than what you can afford then. In the Real Estate game, only one buyer wins per house. You can't win if you don't play and there are definitely ways to play to win! One thing is for sure, having an agent you trust who can get you through these important decisions is paramount.
If you are thinking of selling or buying and have any questions, please don’t hesitate to reach out for a consultation. Want to stay put but refinance to a better rate? I have a mortgage advisor on my team who would be happy to talk with you as well.
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