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Due to the limited inventory, the US homebuyers have been facing a competing bid. Buyers are making big offers.
Inventory is tight because the home construction is unable to keep up with demand and homeowners opting to stay put.
Scott Durkin, president of Douglas Elliman said, that there is an inventory shortage in all their U.S. luxury markets stating that it results in prices continuing going up.
He suggests buyers wait for close to 18 months for things to mellow down.
Danielle Hale, chief economist with realtor.com says if you can be flexible as a buyer then you can sit back and keep watching the market and jump in when the pace slows down in some months.
According to Hale, Large cities across Midwest are seeing new listings growing so it means the prices could slow down when more listing options are available.
Whereas the market in New York is on fire and experts suggest hitting the hammer while it is still hot. John Walkup, co-founder of UrbanDigs suggests that price appreciation,
might be slightly higher than what comps are showing and if you’re waiting, you might see prices continue to go higher due to a lag in sales data, and it’s difficult to get insight on contract information to know if the market is slowing down, so waiting for prices to drop could be a wrong move.
Homebuyers are suggested to have their contingencies in place, and perhaps offer above the asking price if one finds the right home.
Reference Source: Mansion Global
