07/30/2020
Are you Ready for a BIDDING WAR ⁉️⠀
With businesses reopening throughout the country and some experts indicating early signs of a much-anticipated economic recovery, more homebuyers are actively entering the housing market this summer. Today, housing is truly driving the U.S. economy forward. With so many buyers looking for homes to purchase and so few houses for sale right now, there’s a disconnect between supply and demand. This imbalance is pushing home prices upward while driving more bidding wars and multiple-offer scenarios. Danielle Hale, Chief Economist at https://buff.ly/ydIGeP explains:⠀
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“People are surprised that prices are rising, not falling, because in the last recession home prices fell, the difference this time is the severe shortage of homes for sale…We are seeing bigger price increases with [a limited] number of homes…That is likely to lead to more competition and potentially multiple offers and bidding wars.”⠀
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According to the recent Realtors Confidence Index (RCI) survey conducted by the National Association of Realtors (NAR), this trend is growing:⠀
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HousingWire also indicates:⠀
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“42% of homeowners who made a purchase during the January to May time period ended up in a bidding war, demonstrating the strong demand for homes amid low inventory.”⠀
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With more people returning to work we’ll continue to see the number of interested buyers increase. So, if you’re among the many people looking for a home to buy this summer, it’s important to ensure you have the right guidance from the start. This way, you make sure your offer stands out from the crowd when it really counts. Here are two tips to follow.⠀
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1. Hire a Trusted Local Expert⠀
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2. Get Pre-Approved for a Mortgage⠀
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Bottom Line⠀
If this is the year you’re ready to buy, contact me your real estate professional to get the process started so you can make sure your offer is a strong one when the competition heats up.⠀
📲 310-291-5142 BRE #01765125
