What is the temperature like this Spring? It is warming up! The weather forecast isn’t the only report that shows the heat. According to economists, this is a hot real estate market. 

National Association of Realtors research statistics are matching up with the anecdotal stories that we have seen within our real estate brokerage.

 

Here are 4 facts that indicate this hot market:
  1. Properties are selling in a median of 20 days 
  2. Properties are selling faster than they have since 2012
  3. The USA has pockets of even hotter markets like Idaho and South Dakota where the median number of days on the market were 15 days
  4. On average, there were 4 offers per home sold in February 2021

 

Why is the market so competitive? LOW INVENTORY!!!

“Inventory, inventory, inventory” is replacing “location, location, location” as the 3 rules of real estate. Because of low inventory, the competition between buyers is fierce.

NAR reports that, “there is a backlog in construction of 3.2 million new homes as of 2020. The backlog started to build up since 2014, but that backlog has built up to 3.2 million as of the end of 2020.”*

How do we solve this backlog? As a real estate brokerage, part of our role is to guide you through the process of listing your home so that the artificial roadblocks are removed. What do we consider roadblocks that we can help with? Stress, time, misinformation, and logistics!

We provide an extensive marketing package, invest time and energy into educating you about the process, and act as the “punching bag” of the listing and escrow so that you can sell your home stress free.


How can you take advantage of this hot market?

Find out how much your home is worth!

 

*Source: https://www.nar.realtor/blogs/economists-outlook/buyer-competition-intensifies-4-offers-for-every-home-sold-in-february-2021

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.