CHARLOTTE – The current housing market throughout the United States is rather insane right now. About 50% of the homes that were listed in the month of April were under contract in less than 10 days. Many buyers have even put in offers on homes they haven’t even see in person.
It has gotten so nuts; some buyers are resorting to crazy measures to get their offer accepted. Some have included letters pleading their case, while others have even gone as far as offering to name a child after the person selling the home.
Many of the current housing statistics are setting all-time records, including:
- Inventory is at a record low
- Average time on the market is at a record low
- Home prices are at a record high
- Homes selling above the asking price is at a record high
It’s hard to know when the market will settle, but it might be smart to wait out the crazy housing market.
U.S. Migration Causing Even More Buyers
COVID-19 is the gift that keeps on giving for the real estate market, but not necessarily in any good ways. Due to the pandemic and many employers allowing workers to work from home, the U.S. migration has been in full swing. Some employers are allowing employees to remain working from home, which means they are seeking real estate in their dream location.
Whether they are trying to move to an area with more affordability or the climate they prefer, many families are migrating to new locations. This is unprecedented and has caused some of the hottest markets to be flooded with buyers.
Inventory is the Driving Factor
Many experts believe inventory is the driving factor in how the market will look from one month to another. If inventory goes up, it will help balance out the market. Even a small rise in inventory could be a sign the crazy real estate market has peaked.
Whether you decide to buy right now or wait out the market boom, making the decision based on your city and your situation is best. You don’t want to base the decision on what the entire country looks like, as the Mint Hill real estate market won’t be the same as the Los Angeles market.
While some experts think the market will become a bit more normal within a year, some don’t think it’s as likely. This summer should provide more information about what will happen with the market as many factors will start to sort themselves out.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger (704) 650-5707 | firstname.lastname@example.org | www.1stchoicepropertiesinc.com