With demand so high and supply low, it’s no wonder houses are selling faster than agents can set up showings with their clients. This spring we are definitely in a sellers’ market; home prices have gradually increased and show no signs of stopping and yet buyers are still swooping in and purchasing homes.
According to new data collected by Redfin, sales have jumped by 9% compared to this time last year. This competitive market is creating a lightning fast environment for home sales with houses selling at an average pace of 8 days faster than the previous year.
Fast home sales and low supply means that agents and buyers have to be prepared and on their A-game in order to compete in the fast paced market. First time homebuyers will face some of the toughest challenges when searching for affordable homes since builders are having trouble keeping up with demand for starter homes.
A seller’s market is great for business for many real estate agents as buyers attempt to stay competitive and find insider help, and leverage market connections. Buyers know, or will soon realize, that this is not the market to go at it alone, and using an agent will give them a competitive edge when attempting to sway sellers in their favor.