If seeing a record-low supply wasn’t already clear, we’re now in a world where buyers have even offered to name their firstborn child after a seller. Less surprising, home prices in March were 13.2% higher than the same time last year, according to the S&P CoreLogic Case-Schiller National Home Price Index.
It’s hard to imagine just one year ago, at the height of the pandemic, a common sentiment was that we would see buyer’s market in 2021. Hindsight is always 20/20 though, isn’t it? Instead, as proven in the first line above, competition is more fierce than ever. It’s really become a seller’s market.
The convergence of low supply, an increase in remote work making more people location independent, and a slew of other factors are fueling bidding wars across the country. As another example, a CBS article recently highlighted a buyer purchasing a home in Seattle for $400,000 above the $725,000 asking price. Sight unseen!
Seattle, is one of the top three cities in terms of price gains. The other two: Phoenix, AZ and San Diego, CA.