Over the past few months inventory across the country has continued to be low, causing a rise in home prices. A wide variety of factors are causing the spike in demand among home buyers, including record low mortgage rates and the wave of millennials who were on the verge of buying pre-COVID. High demand mixed with already low inventory is causing the spike in home prices the market is currently seeing. While rising prices may be a burden for buyers, it’s great news for sellers and other homeowners. The uptick in prices contributes to the growing amount of equity owners have in their homes. Pre-pandemic home prices were growing moderately and so far that continues to be the case, despite negative forces unleashed by the labor market turmoil. As the labor levels return to early 2020 levels, the demand for housing may increase even further. As the housing market competition heats up, it’s important for prospective buyers to come to the negotiating table with pre-qualified offers to differentiate themselves from other buyers offers.
Connect With Us
