The spring market is already blooming, and so is the competition. Buyer competition intensified ahead of spring in February and likely will intensify further over the next few weeks.On average,
Buyer competition intensified ahead of spring in February and likely will intensify further over the next few weeks.
Dated: March 22 2022
Views: 69
The spring market is already blooming, and so is the competition. Buyer competition intensified ahead of spring in February and likely will intensify further over the next few weeks.
On average, there were nearly five offers for every home sold in February, higher than in recent months, according to the February 2022 REALTORS® Confidence Index Survey. Real estate professionals who were surveyed reported more than five offers, on average, in Massachusetts, Georgia, Texas, Colorado, Utah, Washington, and California.
Nationwide, 48% of buyers’ offers were above the list price, according to NAR’s data. On average, those offers were about 2.9% above the list price; on the median-priced home, that would be about $10,000 over the asking price. However, 13% of the offers were 10% above the list price.
Real estate pros report that in general their buyers typically lose two homes before succeeding on the third try, according to the study.
Homes are selling quickly under the intense competition. Eighty-four percent of listings were on the market for less than a month.
“Competition could intensify in 2022 before waning in 2023 as home buyers compete to lock in at the current rates,” Gay Cororaton, a research economist for NAR, writes on the association’s blog. “Mortgage rates may rise more steeply in 2023."
Credits to REALTOR® Magazine
Charles Melendrez
Faith, Father, Grandfather, Investor, Retired Nuclear Navy, Retired Civil Service, Loves the outdoors, Loves traveling, Loves culture....
Latest Blog Posts
Housing costs are one of the top three categories causing inflation in the U.S. to surge, the U.S. Department of Labor announced Thursday. The largest items in households’ budgets&mdash,
These Ten Real Estate Markets Are Hot, Hot, HotIt’s no secret that the past few years have been characterized by a real estate frenzy, and early predictions indicate that 2022 likely
Anyone out there searching for a new place to live knows there is not much to buy. Total supply and new listings are at record lows, and that means that what is on the market now is selling fast.
