Is Competition For Homes Beginning To Wane?
Because the pandemic interrupted last year's spring sales season, this year's was hotly anticipated. It didn't disappoint. Buyers returned to the market in droves. But while home buyers were out in force, home sellers didn't return quite as quickly.
The result was a market flooded with shoppers but low on homes for sale. Naturally, that led to spiking prices and intense competition for the homes that were available. It got so bad that, according to one analysis, 74 percent of the homes sold in April faced a bidding war.
Fortunately, though, there are signs that the market has cooled down since then. In fact, the same analysis found that, in June, the share of homes with multiple offers fell to 65 percent. That, of course, is still quite high.
In fact, it's about 10 percent higher than it was last year at the same time. However, any improvement is welcome, especially for prospective buyers frustrated by super fast sales and surging prices.* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.