Bidding Wars Coming
Bidding wars are coming this spring as low mortgage rates and a strengthening job market indicate that we’ll see a high demand for homes this spring according to industry experts. In fact, most professionals expect that we’ll see the highest percentage of first time buyers since before the recession.
The only problem? Homeowners aren’t listing their homes as much as we’d like to see. The inventory of homes for sale is low, despite increasing home prices. “This should signal existing home owners, who may have been slow to think of selling, to consider now a great time to list,” explains Jonathan Smoke, chief economist of realtor.com.
This combination leads to a comparatively large number of buyers and a small number of homes on the market. As a result, we can expect to see more bidding wars coming this spring–that is, competition between buyers to land their dream home. We’d love to assist you with the homebuying process, and our skilled buyer’s agents specialize in navigating bidding wars. Just send us an email at email@example.com!