The strongest seller's market ever is greeting the start of the spring home buying season. The number of properties on the market is at a record low.
The strongest seller's market ever looks likely to remain in place for the start of the spring home buying season, housing experts say. Home prices and sales have soared for nearly two years, and the number of properties on the market has plunged to a record low.
The tight supply is disappointing news for buyers hoping 2022 might bring some relief from the strong seller's market, one that has been characterized by bidding wars and double-digit price increases. Overall, 20 percent of U.S. adults are at least somewhat likely to shop for a home in 2022. Younger adults are more likely to buy this year, with 35 percent of millennials saying they're actively looking. That's compared to 15 percent of Generation X and just 7 percent of baby boomers .
When it comes to buying plans, family situation also matters. One-third of parents with children under the age of 18 are at least somewhat likely to purchase a home this year, compared to 18 percent of non-parents. The spring 2022 market might echo spring 2021 — and desperate buyers, realizing that sellers hold the cards, are getting a head start.Why are so few homes for sale?In most parts of the U.S., buyers will continue to navigate super-tight supplies.
For buyers, all of this means at least a few more months of upward pressure on home prices, housing economists say. — Go into the bidding with a plan. In the heat of battle, you can be tempted to boost your offer as you try to win. Before you get into a bidding war, set a clear ceiling on the amount you're willing to offer for the property — and stick to it.
The 5 hottest housing markets San Francisco In the nation’s most competitive metro area, 67% of homes sold above list price. Homes in San Francisco sold for an average of $96,630 above list price.
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