Springtime is officially here, and with that, the dawn of purchase season for homes across the country. Given current economic conditions, there really couldn’t be a better time to buy if you’re looking for a new place to call home.
Low inventory and high demand – that pretty much sums up the housing market today in most areas of the United States. From California to Maine, Oregon to Florida, the story is the same. The number of homes for sale isn’t keeping pace with the demand. This is putting upward pressure on housing prices.
In February, Credit Suisse released its Monthly Survey of Real Estate Agents, and the report shows home prices increasing in all 40 of the largest markets it tracks. This is the first time this has occurred in the survey since its inception in 2005.
In many of the markets across the U.S. where In-House Realty does business, we are actually seeing sellers receive multiple offers the same day they list their home for sale – and some of those offers are above the listing price. We haven’t seen activity like that since 2006-2007. There is certainly a new sense of urgency with buyers in many parts of the country.
One thing is for certain; in today’s rapidly-changing market, it makes sense to align yourself with a professional real estate agent to guide you through the process of buying a home. Real estate agents are uniquely qualified to offer relevant information on the home you want to buy and will act on your behalf, providing you with advice and guidance on what can sometimes be a confusing process. Once you have found the right agent, their expertise in your local market can provide objective information about the properties you are considering. One of the most important things your agent can do is help you to establish the best practical price on a home.
With interest rates still hovering at historic lows, increasing demand and low housing inventories, we could be seeing a shift from a buyers’ market that has been prevalent over the last few years to a sellers’ market. Even with that market shift occurring, you would be hard pressed to find a better time to buy a home than right now.
Doug Seabolt is President of In-House Realty, a sister company of Quicken Loans. Find out more about In-House Realty at www.inhouserealty.com.