As I type this, I’m working with 3 buyers who have now been outbid 6+ times and it’s taking every ounce of energy in their body not to lose hope and to persist in finding a home. With COVID-19 having many Americans now working, exercising, and generally spending much more time in their home, it’s created even more of a demand to own rather than rent. Many buyers I speak with are wanting to have their own place to customize and to build equity in.
Most homes are selling well above the listing price and at record speeds with an average of 11 days on the market – while many hot spots like California, Texas, Washington, Massachusetts, and Tennessee having most homes selling within days. There are clearly not enough homes as this supply and demand curve is something that the United States has never seen before! The National Association of Realtors reported a 10.4% increase compared to March 2020. Values are jumping due to homes being bid up and everyone wonders how much higher they can go. The National Association of Realtors also just reported a 18.4% nationwide increase compared to March 2020. These are some of the largest jumps in value and demand in housing market history! Mix all of this with interest rates remaining at record lows and the product is a housing market that’s on fire!
In some of my next videos, I’ll be covering the best practices and strategies on how to increase your odds on having your offer accepted on a home. I learned the purchase mortgage business over a decade ago and throughout the years, I have helped over a thousand buyers with a mortgage on their new home. I’ll be sharing some tips and secrets on how to position yourself to put in a strong offer and what will set your offer apart from the rest. This can and will increase your odds of having your offer accepted in a market that is beyond competitive! Stay tuned and I welcome you to send me a message with any & all questions that you may have.