Home buyers are snatching up new listings as quickly as they’re available 🏡
While most of the economy has felt the toll of the lingering COVID-19 pandemic, the housing sector has remained a bright spot as sales and buyer demand remain high, mortgage rates hover at historical lows, and home prices have continued to rise.
Home sales could easily be 20% higher if more homes were for sale, says Lawrence Yun, chief economist of the National Association of REALTORS®:
“Home sales continued to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market,” Yun says. 71 percent of homes sold in January were on the market for less than a month, according to NAR’s report.
“Home sales are continuing to play a part in propping up the economy,” Yun says. “With additional stimulus likely to pass and several vaccines now available, the housing outlook looks solid for this year.” Yun predicts employment to increase, which could spur even more homebuying over the coming months.
(Source: National Association of REALTORS®)
If you’re in the market to buy a home this year, be prepared to act quickly
Be patient during your home search as it may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be prepared to make a competitive offer from the start, and know that a shortage in inventory will likely mean you’ll enter a bidding war. Calculate just how far you’re willing to go to secure a home and lean on your real estate professional as an expert guide along the way. Working with a trusted real estate professional will help put you in a position to act quickly and efficiently when you’re ready to make your move.
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- Owning a Home Vs. Renting
- Search all Central Oregon homes currently for sale
Let’s work together
The housing market will remain strong throughout 2021 and important to know what that means for you if you’re planning to buy a home this year. If you’re ready to make a move, we’d love to help. Let’s connect today to discuss the current real estate market climate and the best strategy for you based upon your budget, timeline, and homeownership plans.
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