Sales of existing homes hit a 15-year high in 2021, according to the National Association of Realtors. Last year saw about 6.1 million home sales, an 8.5% jump over the previous year.
Despite the high volume of sales, inventory has remained tight in many markets, because demand has been high and sales have closed so quickly.
On the popular HGTV show “House Hunters,” prospective buyers always see three properties, argue over open floor plans and double vanities and then hash out a carefully thought-out choice at a local cafe. But that’s not happening right now, per real-life house hunter Nikki Cimino in Denver, Colorado.
“You don’t really have a lot of time to sit around and go, ‘OK, well, you know, there’s pros to this house and there are cons to this house.”
Often, by the time she sees a listing she likes and contacts her broker and her agent, it’s already been snapped up.
Houses typically sell now in about a week, according to Lawrence Yun, chief economist with the National Association of Realtors.
“For this major expenditure — in some cases million dollars — it is somewhat discomforting to make such a hurried decision on this major expenditure,” Yun said.
Yet he said motivated buyers are increasingly putting up all cash or waiving contingencies for inspections or appraisal just to have a shot at a successful offer.
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