The Need for Speed
Real Estate has been moving FAST over the last two years. It seems every time you're ready to go see a property, it is already Under Contract. Though buyers can find great value in properties, they need to work quickly with their agent in order to get a "seat at the table" in regard to submitting an offer. Take a look at the Days on Market over the last three years, and see just how fast real estate can move, today.
For the entire MLS, we saw a 21.2% decrease in 2020 and a dramatic 57.7% decrease in 2021 for median days on market. These trends indicate that sellers who are motivated to get their properties Under Contract quickly may want to consider preparing that property to list soon.
What is driving this market?
One of the factors driving this fast-paced market is a low inventory of homes. If we take a look at Months Supply of Homes for Sale over the last three years, we see a 26.7% decrease in 2020 and another 45.5% decrease in 2021.
Another factor to consider is that millennials are entering the housing market. In an article by FOX Business, Century 21 CEO Mike Miedler says; "millennials are "storming" the housing market, and Generation Z is not far behind".
"They're all looking for this piece of the American dream," Miedler told Maria Bartiromo. "We would literally have to double the pace of our development in order to keep, you know, the supply that we need for these big generations coming into the market."
Who are the buyers?
With NAR putting out its latest 2021 Profile of Homebuyers and Sellers report, sellers can talk to their agents to see specifically what kind of buyers were in the market in 2021 and what kind of homes they were looking for.
If you'd like a FREE property analysis to see what your home could be worth, contact Chuck Stall REALTOR® at 504-432-0263 or email firstname.lastname@example.org.