The last few weeks have been crazy. There are not enough houses on the market to keep up with the demand. There is still a pandemic and as a result, we have to make sure to only allow one or two people to tour a house with their agent at a time.
Houses go on the market and are listed as coming soon. That gives us plenty of time to make appointments. By the time the house comes on the market, it may already have an offer or two on it and it may also be booked so that no one else can see it.
There are people who make offers without seeing the property. Some homeowners will not entertain offers from people who have not toured the property.
For the last few years, buyers have been making their offers more attractive to sellers by skipping the inspection contingency. This year they are skipping the in-person tour.
Sellers can only accept one offer. Houses will only appraise for so much and there is a limit to how much cash buyers will pay. The sky isn’t the limit when it comes to how much a given house will sell for.
In fact the more offers there are the more complicated it gets.
Real estate agents will advertise that they got offers on a house in one day and that is sold for X amount over the listing price. This is fairly common and actually has more to do with the current housing market than it has to do with the performance of individual agents.
The shortage of homes for sale is acute. I know a few people who want to move this year but they can not find a house to buy so they stay where they are.
Home prices continue to rise while interest rates remain low and home buyers continue to chase opportunities to buy a house. Buyers who wait for price reductions or open houses will miss out.
I have never seen anything like the current housing market. We really are in uncharted territory.