New and coming soon listings continue their upward surge, with showings right on track with last year. I showed the same new listing to two clients this week, and heard they already had 4 offers before we even saw it. I posted a new coming soon listing at 4:30 yesterday and we already had two showings booked last night. The market is perking up and it isn’t even February yet!
New listings caught up to last year this week, pending sales still lagging behind just like inventory.
According to the National Association of Realtors (NAR), buyers are looking at a median of eight homes before purchasing… the lowest number on record. It is likely due to a combination of low inventory and intense competition forcing quicker decisions.
Appraisals were a big deal in 2021, driven by sale prices higher than list price for much of the year. To secure the winning bid 29% of buyers agreed to cover an appraisal gap in June 2021, but that dropped to 21% in December, according to a NAR survey.
That same survey showed that 19% of buyers were waiving inspections… down from 27% in July. It is good to see that number lower than it was, but I suspect it may rise again with spring competition. See why waiving an inspection can be a risky decision in the infographic below from our blog at Keeping Current Matters. Maybe consider at least a walkthrough consultation before making an offer.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
