You Can’t Buy What Isn’t For Sale.

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Real Estate

 

https://www.thebalance.com/sales-fall-homebuyers-resort-to-desperate-measures-5185758

Sales Fall, Homebuyers Resort to Desperate Measures. You can’t buy what isn’t for sale.

That’s the hard truth that house hunters ran up against as home sales fell for the third straight month, stifled by a lack of houses on the market, new data released Friday shows. 

While prospective home buyers have been encouraged by relatively low mortgage rates, it seems like everything else has been working against them lately. There are so few homes for sale that bidding wars, all-cash offers, and even pressure to forego inspections have become more frequent. To make matters worse, homebuilders have been hindered by shortages of materials and sky-high prices.

The 5.85 million annual rate for April fell short of the 6.09 million expected by economists, according to a median estimate cited by Moody’s Analytics. Only a few months ago, the monthly annual rate was consistently well over 6 million, reaching levels not seen since 2006. 

♦ Home sales fell 2.7% in April, the third straight monthly decline, as the inventory of homes on the market stayed near record lows, the National Association of Realtors said Friday.

A shortage of sellers, not buyers, is driving the decline in sales.

♦ Prices continue to climb as multitudes of buyers compete over the few homes for sale.

♦ Homebuyers have resorted to making offers over the asking price, waiving inspections, and even writing personalized letters to tug on the heartstrings of sellers.

 

If you are considering selling your current home, now is a good time. Many of my sellers are taking advantage of the strong sellers market.

But you may be concerned on where will you go once you are now the buyer in this competitive market.

The question is....Should you buy a new home before selling your current one? There are options we can discuss that will allow you to purchase before selling your home. 

Contact me today for a complimentary analysis and discussion on your options.