Our real estate market’s current conditions are completely unprecedented. We have a lot of stress and a lot of excitement going on. Here’s what you need to know.
Back in February 2020, we had 11,168 active listings for sale. Fast forward to February 2021, and we had just 3,630 active listings for sale. That’s a 67% decline in available inventory! In the same time, the median price has gone up by 14%.
This has been wonderful for our sellers, but it has also been a little stressful for buyers. If you're ready to sell, now is the time. Sellers are regularly receiving multiple offers and offers over asking price.
At the same time, buyers are working hard to compete. It’s still a great time to buy because interest rates are low. Rates, along with prices, could rise at any time. If you’re a buyer in this market, you have to be ready to drop and run to a listing that you like as soon as it comes on the market.
If you have any questions for me about buying or selling in this market, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
Posted on 04/29/2021 at 10:05 AM
