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Competition is intense in today’s home market

On Behalf of | May 23, 2018 | Residential Real Estate |

Buyers in California cities and other hot markets throughout America are becoming bolder in their efforts to buy a home. One Oakland real estate agent said that homes are coming on and off the market within hours. On average, homes in the United States lasted 81 days after being listed in 2017. However, in San Francisco, homes were only available for an average of 43 days.

During the months of April and May, homes in San Francisco were on the market for only 41 days on average. While larger markets have seen competition increase, homes in smaller cities have also become increasingly sought-after. For instance, 80 percent of homes in Akron, Ohio, sold for more than the list price as bidding wars broke out. Those who have studied home sale trends say that a lack of supply is what is driving the prices of homes higher and getting them off the market faster.

One reason for the lack of supply is because there wasn’t enough housing built in the aftermath of the financial crisis of the last decade. The threat of higher interest rates in the near future has also compelled individuals to buy now as opposed to waiting. A survey found that 40 percent of respondents who were looking for a home had been doing so for seven months or more.

Even if a person is in a hurry to close on a home sale, it may be worthwhile to have an attorney review the purchase contract terms. This may help an individual better understand his or her rights and obligations under the deal before it becomes a binding contract. It may also make it possible for a buyer to determine if agreeing to the terms is in his or her best interest.