It's rough out there for home buyers—bidding wars, crazy fast appreciation, and homes going into contract in a week! A strong stock market and low interest rates have increased the purchasing power of buyers. With such fierce competition, buyers need to get pre-approved and be ready to go see homes the second they hit the market to stand a fighting chance. You know what they say: “If you stay ready, you don’t gotta get ready”...or something like that.
Also, plot twist: millennials are unexpectedly the ones driving this market, buying multi-million dollar "starter homes". Amazing what you can afford once you stop going out to brunch for avocado toast.
Remember last March when the world shut down and we all rushed to the grocery stores to buy toilet paper in an irrational panic? Well, here we are one year later and that same energy seems to have translated to any decent house that pops up on the market. Along with many other agents, I've been spending the last many months taking a brutal beating with my buyers in this insane housing market. Buyers are waiving all contingencies and far exceeding the comp prices just for the chance to get a house. 20, 30, even 40+ offers are not uncommon anymore. And there's no signs of this letting up for the rest of the year. But unrelated good news: at least we get to procrastinate one more month until May 17th to do our taxes!
All things real estate.