We have all heard about the current housing shortage. There are just not enough homes for sale, right now. Even my own Trulia home search has started including homes in Texas which seems an awful long distance from the school district that was part of my original search parameter. Guess that’s how far out they had to search to meet the other requirements?
Mach 1 Buying
As soon as a house comes on the market, so begins the frenzy of potential buyers chomping at the bit to see the inside before another offer is accepted. In this fast-paced buying environment, buyers must act swiftly if they want to stand a chance. Oh, and cash is king.
Good News All Around
Lawrence Yun, chief economist with the National Association of Realtors, predicts good news for buyers and sellers. For buyers, an increased number of new housing developments will provide more inventory which may stabilize pricing. Yun also does not believe this market cycle will be a crash-and-burn event like 10 years ago. Buying high today does not mean you should expect a future loss. The industry learned a lot from the last housing bubble. For sellers, he does not foresee an immediate oversupply of homes, so median home prices are expected to rise 9% in 2021 and another 3% in 2022. Sellers who haven’t put their homes on the market by now can take comfort knowing they have not missed out on the peak pricing.
To read the full article, visit NAR’s Realtor Magazine.