We all know the real estate market in 2021 is competitive. It seems like every time you find a great property for sale, it’s off the market in a day or two. So what’s happening with the real estate market and how can you, as a buyer, find your home?
The Real Estate Market in 2021
According to the NYSAR (New York State Association of Realtors), the number of properties available has been dwindling over the past 17 months. April 2020 had 49,195 properties on the market compared to April 2021, which only had 28,751, a 22.2% decrease year over year. The cost of homes is increasing, too, with the average price up 42.3% from 2020 to a median price of $370,000.
…But Mortgage Rates are still Near Historic Lows
While prices rise and competition is high, there are some positive things happening in the housing market. Mortgage rates, while rising slowly, are still near historically low rates. This is good for buyers who are in the market looking to buy. For more information on APR or mortgages, be sure to visit HUNTMortgage.com.
How to Find a Property for Sale
- Use a real estate agent. Your agent is an invaluable resource who is aware of the market conditions. Working with an agent to buy your home has a ton of benefits.
- Understand your wants vs. needs. This will help you determine what you’re looking for in a home and help you rule out properties that aren’t suited to you. To get tips on how to determine your home wants vs. needs, be sure to check out our blog.
- Get Pre-Approved. Now, more than ever, pre-approval is important. Attaching a pre-approval to your offer shows the seller you’re serious. And if you’re looking to get an edge over the competition, be sure to check out HUNT Mortgage’s Pre-Purchase Commitment.
- Be Decisive. Homes that come on the market are likely going to go fast. You may only have a day or two to decide if you want to place an offer in on the home. Some agents are even using offer deadlines, which will impact your time frame as a buyer. Moral of the story: If you’d like to make an offer, you’ll have to make a decision…and quickly. In April 2021 the median number of days a home was on the market was only 17 days (compared to 27 days in April of 2020) with an average of 5 offers on each property (up from 2.5 offers in April 2020).
- Be Patient. There is no doubt that today’s market is incredibly competitive. Which means there could be some disappointment for buyers. But if you’ve got a great real estate partner and a bit of patience, you’ll find your perfect home.
If you’re looking to learn more about the current housing market, curious about what your home is worth, or looking for your first home, please contact a HUNT Real Estate sales professional today.