Simple, it's a seller's market. And if the national news outlets are to be believed, this is the case throughout most of the United States. So many homeowners have decided not to sell, and so little inventory that there is a fierce seller's market out there.
However, if there is "light" at the end of the tunnel, I think I can see it coming.
The market is changing even now as we speak. Two weeks ago, in Sunnyvale, where I principally practice, there were only 22 homes for sale. This week, there are 44 homes. I also see more open houses than just two weeks ago.
Will this make a huge difference in the market?
Probably not. There are still too few homes for sale versus the number of buyers who now wish to purchase a home, so while there is some "ease" in the market, the buyers are hunkering down, getting more serious and making quality offers to the sellers to get the home.
So I think it will get fractionally better for buyers sometime soon, which it makes it even more essential that anyone buying a house be prepared with sold down payments, reasonable expectations and good metrics when entering the home buying market.
Allison James Estates & Homes
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