But what does that mean for Buyers?
- Homes are selling fast—under contract in an average of 34 days in March.
- The inventory of homes on the market is down, but home sales have risen by 8% within the year.
- The number of starter homes available fell by 43.6% over the past four years.
Low Inventory, Rapid Sales
Even though existing-home sales increased 5.8% in March, housing inventory is down 6.6% from one year ago which marks the 22nd straight monthly decline. The low supply and rising demand has resulted in homes flying off the shelf; going under contract in an average of 34 days in March. With home sales on the rise, first time homebuyers jumped up 29% from 2014—making up 32% of home sales this past March. On top of that, the number of starter homes available fell by 43.6% over the past four years. This trend and offset in supply and demand has created a textbook sellers’ market.
What to do in a Competitive Market
Most listings are receiving many offers and going under contract in record time, so where does that leave the homebuyers? In this competitive market, buyers must ensure that they set themselves apart. When a buyer uses On Q’s On Time Closing Guarantee, the seller is assured that the home will close on time—making the buyer much more attractive. The On Time Closing Guarantee ensures that both the seller and the buyer them self will receive a payment if the closing date does not occur before or after the date stated in the purchase contract. Another tip for buyers is to get pre qualified for their loan and make sure their offers are within their actual budget. These prepared homebuyers, armed with our guarantee, will have an advantage in this market.
Put your mind at ease; call us to gain a competitive edge in the market. Contact your local Mortgage Consultant today!