This is a great time to be a seller! The spring season is already off to a roaring start, with the nationwide housing supply down 3 percent and home values up 7 percent, according to Zillow’s Real Estate Market Reports for February. Buyers can expect fierce competition as more and more buyers chase after fewer and fewer available properties.
Zillow Chief Economist Dr. Svenja Gudell explains, “Low inventory, strong demand and tough competition will be the defining characteristics of this year’s home shopping season. Even though interest rates are rising, buyers are eager to start their home search.” In certain areas across the United States, home values are up as much as 7.1 percent, and supplies are down as much as 18 percent.
Gudell does have great advice for those beginning their search for a new home. “If you’re a prospective buyer about to enter the market, keep in mind that it’s rare to get the first home you make an offer on, and homes in particularly hot markets frequently sell for over asking price. Buyers should give themselves enough time to get their finances in order and find a real estate agent they know and trust before jumping into the market.”