Buying a house continues to be very competitive. Most home buyers have a price limit and they often search at the top of their limit or over it. The houses that are over the price limit are
ALWAYS the most desirable.
The best way to find a house to buy is to search 10% to 30% below the top of your price range. That way there is room to compete and to have the highest and best offer.
Home prices for the year are the highest right now. If your budget is well below the median home price wait until this winter or next summer to buy. Put aside as much money as you can for a downpayment.
When looking at house buyers should think about how much they want to pay for the house rather than what the asking price is. The most expensive houses are the houses that just came on the market or will come on the market soon. The houses that have been on the market for a while maybe over priced or need a little work or both. They also present the greatest opportunities to own a home.
The number of homes on the market is slowly going up. Right now is peak home-selling season. I don’t think the supply will come close to keeping up with the demand but I do think that the housing market will stabilize a bit in 2022 and 2023.
2021 is so far the best year to sell a house in the shortest amount of time for the most money and it seems to get better each month.