The present housing market is identified by a shortage of homes for sale and strong buyer demand, resulting in high prices and intense competition among buyers. The COVID-19 pandemic has caused a shift in housing demand, with people looking for larger homes that provide more space for remote work and outdoor activities.
The median existing-home price for all housing types in March 2023 was $356,700, a 12.5% increase from March 2022, as every region experienced price hikes. The lack of homes for sale and strong buyer demand, especially among first-time homebuyers, is driving the rise in home prices.
Despite the high demand, inventory continues to be low, with the number of homes for sale in March 2023 being 21.9% lower than the same period in 2022. This is worsening the supply-demand imbalance and causing prices to rise even higher.
The new construction market is also facing supply chain disruptions and labor shortages, which have led to a backlog of orders for new homes and higher prices for new construction.
Buyers in the present housing market face stiff competition, with some homes receiving dozens of offers within hours of being listed. Although there are still opportunities for buyers in the current market, they must act quickly and make competitive offers to secure a home.
Sellers can take advantage of the current housing market to sell their homes quickly and often for above the asking price. However, they should work with experienced real estate agents and be strategic about pricing and marketing their homes to maximize their returns.
Overall, the current housing market is defined by high demand and low inventory, resulting in rising prices and fierce competition among buyers. Buyers and sellers can succeed in the current market by working with experienced professionals and being prepared to act quickly.
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