While the current state of the housing market is great news for sellers, for buyers, the past year and a half have felt like they can’t catch a break.
This past spring and summer, homes would go on the market and within a few days face multiple offers and price escalations. That experience can be a bit discouraging for buyers and not everyone is comfortable throwing caution to the wind and waiving contingencies.
Many that have opted to sit sideline are now asking themselves, how long will this frenzy last? While anything resembling a buyer’s market is a long way off, sellers expecting dozens of over-asking offers and waived contingencies may need to adjust their expectations.
For buyers, the traditionally slow winter months may be the right moment to get into the market while competition cools slightly, and before prices climb any further. Prices are only going to escalate in 2022 and with inventory likely remaining low, a purchase now could be the right move. At the end of 2021, listings were down 60% from the year before yet demand has remained relatively steady.
If you have questions about the market or the best strategy for you, I'd love to chat.
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