Today’s Housing Market? ‘Not the Time for Amateurs’
It may be possible to buy a home without the help of a Realtor – but it’s hard to see how given today’s multiple bid competitions for a limited number of homes.
NEW YORK – Real estate agents agree: Even though the spring housing market is hot, many are desperate to find listings – and this is not the market for amateurs.
Nationally, there are about half as many listings not under contract right now than there were a year ago, according to realtor.com The typical home also is now selling a week faster than last year.
By the numbers, there are now about twice as many working real estate agents as there are listings.
Spring is the traditional time of year when the most listings come on the market, but this past March saw 20% fewer homes listed than last March.
Potential sellers have several concerns, the largest being that they’re afraid they won’t be able to find or afford another home. Not only are home prices incredibly hot – up over 11% year over year, according to the S&P Case-Shiller home price index – but rents are also rising fast.
“The uptick in mortgage rates is likely fueling more bidding wars in the short term because house hunters are rushing to buy homes before rates rise even further,” says Redfin chief economist Daryl Fairweather.
Supply has been tightest on the low end of the market, but the higher end is now slimming as well. Moreover, real estate agents are relying on their networks to find homes for clients no longer constrained by location thanks to remote work.
Source: CNBC (04/05/21) Olick, Diana
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