The good news is that mortgage

rates still remain relatively low

at – or just below — 3%, with

the rate depending on how long you

finance and how good your credit is.

With those rates still in place, and

as our lives returning to normal, all

of those people who put off buying

a house, plus all of the people who

were planning on buying this year are

out their shopping for a home to buy.

On the seller’s side, with the

construction of new homes slowed in

2020 and a growing trend for homeowners

to stay in their homes longer,

the result is fewer houses available to

buy. The result is a seller market.

What is a seller market?

It’s simply a matter of supply

and demand, said Kerry Dunn, the

broker/owner of NextHome Excel in

Wichita. “Currently there are more

buyers in the market for homes than

there are families wanting to sell

their homes.”

Across the country, most major

to mid-size metropolitan areas are

experiencing record low inventory

levels.

“In a balanced market, inventory

levels are on average between 5 to 6

months,” said Dunn.

In the popular $150K to $200L

price range, Dunn says the inventory

less than a month.

The result is a more competitive

housing market with houses staying

on the market for just a few weeks

and with sellers often receiving

multiple offers on their homes, often

above the asking price.

If your market area isn’t a sellers

market it’s probably growing very

competivie.

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