Great News for Home Sellers Right NowPosted Wednesday, February 17, 2021
Are you looking for a new home right now? It seems everyone is these days. If you’re one of the many people on the house hunt right now, you probably noticed that houses for sale are few and far between. As a first-time home buyer, this can be especially difficult. These trying times have triggered home sellers to take their properties off the market due to the possible threat of transmitting the virus through open houses or moving to a new home. Thus, resulting in an all-time low of homes for sale.
To put the shortage in perspective, in January the inventory of houses dropped over 40% with almost 500,000 fewer houses for sale compared to last year at this time before the pandemic hit. The slim pickings of homes on the market produced a major spike in housing prices and increases in bidding wars.
While home sellers are holding off on putting their house on the market until the virus subsides, the average sale price of new home listings is up over 10% across the Midwest. That means that a house listed for $400,000 last year is now selling for over $400,000. Though not the best news for home buyers, those thinking about selling their home should take full advantage.
With the inventory of homes for sale being at an all-time low, and housing prices at an all-time high, home buyers should be prepared for competition when bidding on those few houses for sale. If you’re trying to get your foot in the door of new homes for sale, it is more important than ever to have a personal, professional representation with the right real estate agent.
Whether you’re a home seller
looking to take advantage of the high sales prices in the home market, or a home buyer
trying to navigate through the low inventory, the experts at The Sharon Falco Group are here to help!