Will we experience a housing bubble like in 2008?
It sure feels like the wild wild west out there when trying to sell or buy a home right now
We are still seeing a huge demand in our area, buying a home is still highly competitive. We are seeing bidding wars, all-cash offers, waived contingencies, and rent-free rent-backs. So much is happening in real estate but the main issue is still the current low inventory.
We are seeing many bidding wars because there are just not enough sellers for such an in-demand market. One reason sellers aren’t listing is that they are afraid if they sell they will not be able to find a new place to live. Although this is a valid concern there are many ways to work around this to make sure you find a new home in time.
We are also seeing buyers who keep getting outbid, sometimes by all-cash offers or offers who are willing to waive the inspection or appraisal contingency. Another reason why buyers are losing bids is that their agent isn’t presenting a strong enough offer. When reviewing offers for my listings I cannot tell you some of the mistakes I’m seeing. This is where experience truly matters.
According to Realtor.com the forecast for the coming months is lower temperatures— and a cooler real estate market, if only by a few degrees.
The housing market is expected to shift to something closer to normal this fall, real estate experts say. They anticipate more homes will go up for sale, helping to slow down the unparalleled price increases and bidding wars of the past year.
But the market is likely to remain highly competitive, as there will still be many more buyers than homes to go around… [read article here]
In other words, it’s going to be a hot seller’s market for a while. If you’re thinking about buying or selling give us a call here at Good People Realty.