The 3 Key Factors in This Market

As we move into the second half of the year, one thing is clear: this real estate market is one for the record books. The mix of conditions has created opportunities for buyers and sellers. Today we’re going to look at a few key components that are shaping our market.

1. A shortage of homes for sale. Earlier this year, the number of homes available for sale hit an all-time low, but in recent months, inventory is trending upward. Typically, there are fewer homes for sale in June compared to May, but new listings continue to increase.

2. Buyer competition and bidding wars. We’re seeing low supply, coupled with high demand. Buyers are doing everything they can to stand out to sellers. They’re putting in cash offers, offers above asking price, and they’re waiving contingencies. The number of offers on the average house has hit an all-time high.

3. High price appreciation and a rise in home value and equity. The competition among buyers is driving prices up, and we’ve seen home prices appreciate across the country for over a year. The equity in homes isn’t just from homeowners paying the mortgage, it also grows as the home value appreciates. Thanks to the appreciation, homeowners are seeing record gains in home equity.

If you’re thinking about buying or selling, there’s no time like the present. Please reach out to me. I’d love to help you.