Houses may be more expensive than before, but they are selling faster. The reason? According to the National Association of Realtors, the supply of available properties is down more than 7% year over year.
"The declining inventory of for-sale homes over the past year naturally creates pressure for buyers to take advantage of the inventory that is on the market," said Stan Humphries, chief economist at Zillow. "This demand has been fueled by huge resets in home prices, historically low mortgage rates and a slowly improving economy."
The current competitive market means potential buyers must have all their financials in order before they even ask their Realtors to schedule a showing.
Humphries also said, "Home shoppers in today's environment need to be prepared to move quickly, with pre-approvals in place and an established sense of what they're willing to pay."
DON'T WAIT! Grab your new home now while it's still affordable. AND while there are available inventory in the market.
Whether buying or selling at this current competitive market, the James Team at Keller Williams is committed to providing great customer service for your family and giving you an advantage for purchasing the home of your dreams, an investment property and also selling your home!! Don't wait another moment and contact us today!!
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