The real estate market continues to be extreme. Buying a home is still a challenging process as it continues to be a seller's market on steroids. With that said, we are starting to see a little bit of a slow down. However, we are far from being back to where we were pre-pandemic. This article from realtor.com does a nice job of explaining the many different variables that have fueled the current market and continue to impact real estate. Check out the article and let me know if you have any questions that I can help answer.
Tim Houterloot - Broker/Realtor
317-997-0165 cell
indyhomepro@outlook.com
Source: realtor.com | Repost Houterloot 9/29/2021 -
There’s never been a housing market quite like this before.
Today’s real estate agents are pulling double duty as therapists, consoling heartbroken homebuyers who lost out on their fifth—or 15th—home. First-time homebuyers around the country are being outbid by investors—some of whom are willing to pay more than $100,000 over asking price. Wealthy buyers offering all cash for second homes are sending prices ever higher, pushing the dream of homeownership out of reach for many folks.
Meanwhile home sellers are enjoying the benefits of life in the fast lane: the ultimate seller’s market. Can all this last? Is this really going to become the new normal?
Well, no. In this pandemic-fueled era, it’s easy to forget that the extremes of today’s real estate market—like, say, having to put in an offer well over asking price and agreeing to waive all contingencies, before an open house is even over—are simply not normal. That’s why the data team at Realtor.com® wanted to look at what a typical, classically healthy housing market looks like, back when homes sold for a few percentage points less than what the sellers were asking.
Imagine that!
While the market has, in fact, begun to cool off just a little, it’s still a highly challenging time to be looking to buy given the severe housing shortage. Even before COVID-19 turbocharged the demand for housing, buyers were struggling with rising prices and a severe lack of properties for sale.
Read the full article...
