We are now seeing a savagely unhealthy existing home sales market due to days-on-market that have plunged to teenage levels. This is a cause for concern, as it means that buyers are rapidly making decisions and purchasing homes while sellers are moving their properties quickly.
The past few years have seen plenty of homebuyers be enticed by low mortgage rates and relatively lower prices of homes, leading to a strong competition for the available stock. The pent-up demand from spring 2020 has meant that once houses are listed they move very quickly, making it difficult for prospective buyers to purchase the home of their dreams.
The most important elements of the text include:
– Days-on-market are at teenage levels in existing home sales market
– Low mortgage rates and relatively lower prices of homes mean strong competition
– Pent-up demand from spring 2020 means houses move quickly
– Prospective buyers find difficulty in purchasing desired homes
You can read this full article at: https://www.housingwire.com/articles/the-savagely-unhealthy-housing-market-is-back/(subscription required)
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