Over the last few months, the housing market has been heating up. In many situations the current demand for a home is creating bidding wars unlike any that we have seen before. Sellers are receiving multiple offers for more then asking price. By more then asking price we are talking about several thousands of dollars more. Sellers are actually receiving multiple offers for nearly $10,000 over asking price. The current market is definitely a sellers market, if you want top dollar for your home now is a perfect time to sell. Here are a few facts about the current market that might surprise you:
• New listings are down 28% with declines continuing nationwide.
• According to Realcomp MLS, the high demand from home buyers in June has led to a 114% increase in closed sales since May 2020.
• In this same time period (May 2020-June 2020) there was also a 29% increase in pending sales and ONLY an 8.0% increase in new listings.
• The average rate on a 30-year loan has dropped below 3.0% for the first time in nearly 50 years according to Federal Home Loan Mortgage Corporation. The current average is now sitting at 2.98%.