Wild Wild West
Welcome to the Wild Wild West of Real Estate Folks! Where sellers are literally naming their price and buyers are figuring out ways to not only meet but exceed that price to win the bid. What is going on? Lots of individual factors that, on their own, would impact the market... but, together, have created a perfect storm:
We currently have 1.9 months of supply and lower depending on what county you're looking at....this is a record LOW.
Baby Boomers are not downsizing but rather staying in place. Meaning all of those nice homes with mature tree lines and extra space to grow into are not becoming available to potential buyers.
Real Estate Investors (individual and public corporations) grabbed a huge chunk of "starter homes" and have been raking in the rental income. Normally, we would see an influx of these homes as families outgrow their home and put them on the market to upgrade for more space. This is simply not happening.
Our builders haven't kept pace with demand for years and now it's showing. We are officially behind the curve.
The last year of a pandemic and economic damage still have some individuals unsure about the future and are staying put to see how this new year plays out.
We are seeing a HUGE influx from city dwellers, out of state peeps and families to the more affordable areas of the country...specifically...HERE.
Record low interest rate and forbearance plans are making home ownership once again appealing to millennials who have never considered buying.
The mass increase of individuals working from home indefinitely has made everyone rethink what kind of space they need to make the most of their daily life and that generally entails buying something other than what they have.
All of this to say...is it a good time to sell your home? Yes, my friends. Yes. As such, I am rolling out a gift to all of my clients and friends who are thinking of selling that will save you literally thousands of dollars on selling your home with me! Text, call or email me today to discuss.