Many buyers wonder if they are overpaying as real estate prices continue to soar to record levels, yet that is not what the data shows.
The market velocity is extremely fast, and it is a Hot Seller’s Market where values are rising swiftly and multiple offers is the norm.
At the beginning of the COVID-19 pandemic, everybody rushed to their local supermarket to purchase toilet paper. At Costco people waited in lines for an hour prior to opening just to get their hands on one of the prized bulk packages of Kirkland Bath Tissue. There was a run on toilet paper. In no time at all, the shelves were empty and many worried that their supply at home would run out. As everyone agonized over their personal toilet paper inventory, little did they know that the tissue plight would foreshadow a similar dilemma in the housing market.
There are not enough homes on the market to keep up with today’s intense buyer demand. There is a run-on housing. Homes are flying off the market faster than they are coming on, and the inventory has been dropping further as the year has progressed. Housing’s momentum lines up strongly in favor of sellers. In looking closely at the housing economic model of supply, demand, mortgage rates, affordability, buyer demographics, and market velocity, the data illustrates that the current trajectory of the housing market is not going to change anytime soon.
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