Buying a home takes a while. But though the process takes several weeks, you won’t necessarily have a lot of time to deliberate once you’ve found a house you like. In most cases, you have to make an offer quickly or you’ll risk losing the home to another buyer. That’s because, in the current market, inventory is low. Homes are selling quickly despite what one might think.
The number of homes for sale was already lower than normal before the coronavirus and, since the onset of the pandemic, it’s fallen further. So, when you’ve found a house that fits your budget and lifestyle, chances are someone else has found it too. And competition from other buyers means you have to be prepared to move fast. But how fast exactly?
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Well, according to one new analysis, the typical home sold in June had an offer accepted within 22 days of it being listed. That’s the fastest homes have sold since the summer of 2018. And, while there are some cities where homes stay on the market longer, 29 of the 35 largest metros are seeing homes sell faster than they were last year at the same time. That means, in most markets, there are more buyers than homes for sale. So, if you’re planning on buying this summer, you should also plan to move quickly when you find the house you want. Follow the link for more information (source).
Here at A1 Mortgage, we know how important it is to choose the right house for you and your companion. We have the responsibility to provide you with the best products and the highest level of customer service possible. With hundreds of loan programs available, we tailor a loan specific to your mortgage needs. Get pre-approved and start shopping for your dream home by clicking here.