Competition, Bidding Wars Fueling Concerns
Roseville, CA- Even with low mortgage rates, home buyers are finding it is difficult to impossible to buy a home.
The number of listings on the market is down by over 50 percent from this time last year and the demand for homes has grown. This is causing home prices to rise. With a high level of competition, listing are bringing in multiple over price offers and selling quickly.
High Demand, Reduced Inventory
The high demand and reduced number of homes available for sale is creating bidding wars which is pushing prices even higher. To make matters worse, sellers, now are in the “drivers’ seat,” are demanding buyers to do more than pay over asking. They are in a position to ask buyers to remove appraisal contingency, pay most of the closing costs and even after closing, asking to stay in the house for weeks at no cost.
Terrific time to sell
If you are a homeowner, it is a great time to sell and hopefully, as we move into spring and summer, we will see more home come on the market. More listings and fewer buyers will help balance the housing market and open opportunities for buyers and reduce buyer anxiety.
Julie Jalone- Magnum One Realty
If you have questions about the current market or a homeowner considering selling and have questions, please feel free to contact me. I would be happy to share my experience and can be reached at the MagnumOne Realty office in Roseville (916) 899-6571 or by email to firstname.lastname@example.org (DRE# 01418097)