As Presidents Day Weekend marks the unofficial start of the spring housing season, home buyers continue to find themselves in situations where they routinely get out-bid on their home purchase offers. According to a survey by the National Association of Realtors, 40% of potential buyers cited the reason they have not purchased a home is due to a bidding war. According to a Redfin Survey, 56% of all buyers faced bidding wars on their offers in January alone, which is up from 52% in December. The survey revealed that more than half of homes are going under contract in less than two weeks.
Due to this strong demand for housing, home prices continue to increase. In fact, home prices had appreciated at a double-digit rate each week for 26 straight weeks heading into January. In addition, the median listing price for a home was up nearly 13% when compared to January 2020. Combatting the increase in higher prices continues to be ultra-low interest rates, which makes the purchasing of these higher priced homes much more affordable.
Call your Advisors Mortgage Loan Officer today to discuss the current market in more detail and to learn what you qualify for.