Home Buyer Frenzy
Lawrence Yun, chief economist of the National Association of Realtors®, summed up the current state of the housing market in one word to NPR recently: “Incredible.”
Homes for sale are, on average, getting 5.1 offers before they sell and reports of homes getting 20 or 30 bids are growing; home prices are up 19.1% from a year ago, and the median sales price has reached a record high of $341,600, according to NAR housing data.
But strict mortgage underwriting is ensuring people can afford the homes they are buying, unlike the frenzy that led up to the housing bubble more than a decade ago. Also, the limited number of homes for sale is driving up home prices.
Home prices are rising quickly and mortgage rates are near historical lows. Some home buyers may be panicking and believing they need to buy a home right away.
Source: National Association of Realtors, Realtor Magazine
Are you active in the market looking for a Bucks, Montgomery, Delaware or Mercer County home to buy or sell? More than ever, you need expert, professional representation. Before you list your home for sale, call The John McClintock Team at 267‑759‑9518 for no obligation recommendations on dealing with bids, realistic prices and timing to meet your needs.