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Why are homes so expensive right now?

Over the past year we have seen home sales soar at record high prices. The price of homes have increased at a rate of almost 15 percent from this time last year, with the first week of November being the 13th consecutive week of double digit appreciation.

This is GREAT news for sellers and not so great news for buyers.

Low inventory along with record low mortgage interest rates are contributing to the "panic buying" we are seeing in the housing market.

I reference this as panic buying as qualified buyers are offering more and more, most often a large amount over asking price and appraised value, just to compete with multiple offers sellers are receiving on their home.

The competitive market will continue as we are now seeing fewer listings.

We typically see fewer listings on the market during the holiday season in general and now real estate experts are stating that the high rise in Covid-19 cases is also adding to the slow down of new inventory coming on the market as sellers are not comfortable allowing strangers in their home during a pandemic.

With low interest rate, low inventory, and even less inventory coming on the market, this will continue to be a sellers market!

Good news for sellers is that you will receive top dollar for your home. The bad news for buyers is that the housing market is more competitive than ever. Be prepared as a buyer to compete with multiple offers and be patient as it may take longer to find your home.

Cannon & Cannon Properties is committed to helping sellers and buyers during this time. We do understand the excitement of the seller and the frustration of the buyers.

This year alone, Cannon & Cannon Properties has helped first time home buyers, buyers with VA loans, USDA loans, FHA loans as well conventional loans, find their perfect home.

We have also helped many sellers with their listing, all receiving offers for more than asking price.

Real Estate is a whirl wind right now but I am here to help you navigate the process.

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