Real estate pricing is cyclical, so every few years the trends change. House prices have been relatively low from 2010-2013 or so. The market was bound to change and since then we've seen a gradual increase in home prices to the point where they are almost to pre-recession prices; in other words, a general upswing.
The other factor is basic supply and demand. Home inventory levels have been at or near all-time lows for quite some time now, and more home buyers want to jump into the market. This in turn causes multiple people to make offers on the same property and sometimes turns into bidding wars. Homeowners can then pick and choose which offer to accept which is usually the one that will yield them the most money in their pocket.
There's also another factor that starting to take hold, and that's interest rates. It doesn't take an expert to tell you that mortgage interest rates have been at or near all-time lows, but those have started to creep higher. With the fed expected to raise interest rates in September, and some people are speculating 5% or more. Higher rates have the potential of taking buyers out of the market, so home buyers are trying to beat the rush and get in before the rate hike takes effect. More buyers coupled with inventory levels that already low exacerbate the supply and demand factor.
Under the right circumstances, this situation can be prime picking for both home buyer and home seller. Hope that helps!... more