National Association of Realtors is reporting that there is a shortage of homes on the market and the ones that are on are getting multiple offers over the listed price. This is an excerpt from them:
Consumers are increasingly on the house hunt this spring. Though they're enjoying solid employment and paycheck gains and in a rush to beat rising mortgage rates, they’re also struggling to find a home to buy in many housing markets.Indeed, the supply of homes for-sale is at a nearly 20-year low. The most affordable homes—those that tend to attract first-time buyers—are in short supply too. Meanwhile, home prices are rising sharply as buyers find themselves competing for the few homes that are for sale.
About 1.75 million homes were for-sale nationally at the end of February, down 6.4 percent from a year earlier, according to the National Association of REALTORS®. The supply of homes has dropped on an annual basis for the last 21 months.
Why is the supply so low? Housing experts point to several reasons. The average time that owners are staying in their homes before selling has doubled to nearly eight years, according to ATTOM Data Solutions. Investors own a larger portion of houses and they've been renting them out. Between 2006 and 2016, the share of single-family houses and condos owned by investors averaged around 30 percent. Also, builders--faced with rising land costs and a shortage or skilled workers--have done little to ramp up new-home supplies.
The shortages are prompting home prices to skyrocket. The median sales price jumped 7.7 percent from a year ago to $228,400—more than double the pace of average pay gains.
So, if you are looking to sell...NOW is a great time for you!!!! If you are a buyer looking for a home, you have to be pre-qualified as you are going to be up against more buyers than ever looking at the same homes. It also means you are going to need to be patient and expect to look for a while, but find a Realtor that will share that patience with you. I worked with one couple for 7 years before we found the "WOW' factor house, but it was well worth the wait when I saw their faces light up. That is why I am in Real Estate!
Real Estate and Homes for Sale in the Cleveland Ohio and Sandusky Ohio Areas Searching for Ohio real estate? Russell Real Estate can help with all your property needs. Russell Real Estate Services Cleveland real estate, Sandusky real estate, and all surrounding Ohio real estate markets. Our agents can help with all your real estate needs, whether you're in Cleveland, Westlake, Brecksville, North Ridgeville, Strongsville, Medina, Amherst, Hudson and Sandusky
Search our more than 560 real estate agents serving Cleveland, Sandusky and more. Russell Real Estate Services has eight offices across the Lake Erie coast of Northern Ohio.
"Darleen is a delight to work with. She was very accessible to us when we had questions. We are confident in her knowledge & expertise in the real estate business. This is the third time we have worked with Darleen, and we are extremely happy ith the results. Beyond these facts, caring person, and we sincerely call her a friend...someone we can count on.
Jim & Judy Leffingwell"