By Rachel Puryear, Broker (DRE 02099554)
If you have been trying to buy a home any time recently – or even just browsing – you may be tearing your hair out dealing with the extreme seller’s market we have been seeing. Competing with (often) dozens of other buyers, homes selling for sometimes hundreds of thousands over the asking price, and new listings disappearing off the market after just days in many cases; is enough to make even determined would-be buyers want to call it quits for a little while.
And maybe for most of them, that’s just what is needed.
One of the main drivers behind the crazy extreme seller’s housing market right now has been a low inventory of houses – such that demand for houses greatly outstrips supply. Numerous factors are driving the low inventory situation, some of which have been several years in the making. However, after national inventory hit an all-time low just a couple months ago, inventory has been gradually increasing again in recent weeks.
Of course, inventory is still increasing at a slow pace, and might not make a significant difference for would-be buyers for several months. The lifting of Covid restrictions, however, could encourage some backlog of sales to start occurring. So if you are frustrated with a housing search, you are probably better off taking a break from searching, if you can. Better times may be not too far down the road.
Thank you for reading, sharing, and following, dear readers. Here’s to your thriving and prospering, so you can better care for yourself and those you love.