Homes Going Under Contract Faster Than Ever!

These days we are seeing homes that are appropriately priced going under contract faster than ever! The shortage of inventory is placing a lot of stress of buyer’s. This is why it is so important that buyer’s take proactive steps when looking for a home. What does that mean?

• Getting pre-qualified by a mortgage company so an offer can be made as soon as possible.

• Knowing where you want to live instead of trying to figure it out as you go along.

• Knowing what your priority items are in a home.

I found this article in DS NEWS that shows the shortage of inventory is not just in NE Georgia. It also shows the correlation between inventory shortages and how long homes are staying on the market.

The See-Saw of Home Sales and Inventory

Homes in May went under contract faster than ever, according to a report by Redfin. With properties going under contract in 34 days, May broke April’s record of 36 days. But that was just the average. According to the report, a typical home in Denver went under contract in just six days. Seattle and Tacoma were a close second, with homes going under contract in seven days. Boston and Grand Rapids saw the typical home spend eight days on market. Speed was not the only thing on the rise in May. Redfin found that across the 174 markets the national median home sale price rose to $305,600, a 6.3 percent increase from last year. Sales in May saw 28 percent of homes go above their list price, which was also a record, Redfin reported.

At the same time, nearly a quarter of homes for sale had a price drop in May, the highest percentage of price drops since September of 2017.

To read the entire article click here