Summer is traditionally a busy season for real estate. Buyers come out in force and homeowners list their houses for sale hoping to capitalize on those buyers who are looking to purchase before the new school year. This year will be no different!
Buyers havealready been outin force looking for their dream homes and more are on their way. The challenge is that the inventory of homes for sale has not kept up with demand, which has led to A LOT of competition for the homes that are available.
A recent article by theNational Association of Realtorstouched on the current market conditions:
“Realtors® in areas with strong job markets report that consumer frustration is rising. Home shoppers are increasingly struggling to find an affordable property to buy, and the prevalence of multiple bids is pushing prices further out of reach.”
Realtor.com went on toexplainwhy buyers are flocking to the market in such big numbers:
“A booming economy and stable employment in most parts of the country have created a new generation of eager home buyers – and led to fevered price battles spilling over into some unexpected, smaller markets.”
Javier Vivas,Director of Economic ResearchforRealtor.comhad this to say about competition:
“Multiple-offer scenarios are no longer reserved to the usual big, fast-moving markets…demand for homes has spilled outward into secondary, smaller markets, and more buyers are gearing up to face fierce competition in more places around the country.”
Realtor.com looked at the number of homes that were selling above asking price to determine which markets were heating up. Below are the Top 10:
Sioux Falls, SD
Little Rock, AR
In today’s competitive atmosphere, you need a professional on your side who not only knows the exact conditions in your market but can also help you take the steps you need to in order to secure your new home!
Author:Ethan Earls Phone: 615-389-6728 Dated: July 2nd 2018 Views: 56 About Ethan: ...
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About Kriste Simmons & The Simmons Team of Reliant Realty ERA Powered -931-245-8800
Thank you for choosing The Simmons Team for your real estate needs! We make it our mission to provide you with top of the line services in any type of situation. We specialize in the Clarksville, Montgomery County, Fort Campbell and Hopkinsville areas, but will gladly help you with surrounding areas as well. Our local expertise and wide variety of Real Estate knowledge will benefit you whether you are buying or selling for the first or the tenth time.