What is a hot real estate market? A hot real estate market means low inventory combined with many buyers looking for the perfect place. According to a September 2021 Consumer Reports survey (PDF) of 2,341 adult Americans, of those looking for a home, only 30 percent successfully closed on one. In the last couple of years, the market shifted to something we had never seen before. We started seeing actions from buyers such as:
· Making offers over asking prices
· Bidding on multiple homes
· Adding escalation clauses to increase their bid automatically
· Making offers with no home inspections.
Buying a home in this market can be challenging. Hiring an experienced real estate agent can help guide you in making decisions.
“Prices are up, inventory is down, and many buyers are feeling desperate. Here’s how to navigate the homebuying game right now.” – Lisa L Gill
Consumer Reports posted an article on buying a home in an overheated market written by a home buyer, Lisa L. Gill. The article tells of an experience with a Keller Williams real estate agent that really helped them with information on laws and land that they may not have known otherwise. Gill also lists tips on “How to Buy a Home Right Now” if you don’t have extra money to go above the asking price.