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.
