Bidding Wars Abound… How Long Will They Continue?

    Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.

    In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.

    CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.

    Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price.

    This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market.

    Bottom Line
    Without a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now may be the time to do so before more competition comes this spring.

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    Dave Senkier

    From first time home buyers to empty nesters and everything in between - my goal is to provide an exceptional real estate experience. I work with a great team and great technology to manage your home search all the way through closing and beyond. I understand that every home and every client is unique; I work full time to accommodate your needs and your schedule. If you are thinking about buying or selling a home, or have a friend or family member who is, I would love to earn your business!

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