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Hot Market Means Competition For Available Homes

Spring is typically the season when the housing market heats up. And, while it's still more than a month away, prospective buyers hoping to start their home search in the coming weeks should be prepared. The winter market hasn't ever really cooled down and it's a good sign that it'll be a fast-moving and competitive spring. For example, according to one recent analysis, home buyer demand, at the end of January, was 60 percent higher than it was last year at the same time. Additionally, the number of homes for sale was down 36 percent and the number of new listings fell 13 percent from year-ago levels. In other words, there are still a lot of home buyers and a lower-than-normal number of homes for sale. Expectations are that, as the season wears on and the coronavirus-vaccine rollout continues, more homes will become available for sale, which will help balance the market. But, at least for the first half of the year, buyers should be prepared to compete for the homes that are available. That means, having your finances and financing in order and being prepared to act quickly when you find a home that meets your needs. (source)


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