Looking for a new home this spring? Be ready for some competition. Some say spring 2017 is the strongest seller’s market ever. Home prices nationwide have now surpassed their 2007 peak and the supply of homes for sale nationally is down 6.6% compared to a year ago. High demand for entry-level homes is putting sellers in the driver’s seat and leaving buyers scrambling to find homes and outbid the competition.
David McMurtrie, inventory manager at Plus, offers a word of advice for those looking for a home in this challenging market, “Be prepared by having your financing pre-approved prior to making an offer. Be persistent - finding a home in a seller’s market can take a lot of time and effort. And be patient - wait for the right home to come around and don’t feel pressured to pay above list price, it can be a costly decision once the market moderates.”
"I've been selling real estate for 25 years and this is the strongest seller's market I have ever seen in my entire real estate career," said David Fogg, a real estate agent with Keller Williams in Burbank, California. "A lot of our sellers are optimistically pricing their homes in today's market, and I have to say in most cases we're getting the home sold anyway."