Since the pandemic began last spring, surveys by the National Association of REALTORS® of its members have consistently identified bidding wars, an uptick in first-time home buyers, and the increasing desire for the suburbs and vacation homes as the top housing trends.
Buyer competition. As mortgage rates have dropped to record lows, home buying has surged. But the supply of homes for sale on the market is severely below buyer demand, which has resulted in fierce bidding wars for limited housing stock. REALTORS® participating in NAR’s REALTORS® Confidence Index Survey are reporting that there is an average of nearly four offers per sold property.
Read the other two trends online here: 3 Pandemic-Fueled Housing Trends to Watch