Houses vendor market resulting in wars, a number of bids, and fast gross sales – CBS Pittsburgh
PITTSBURGH (KDKA) – Put another item on the list of pandemic bottlenecks. It started with toilet paper, then beef, then wood, cars, and now houses. That’s right, houses are in short supply!
“It’s the most amazing real estate market I’ve ever been associated with, and I’ve been doing it for a long time,” says Howard Hanna Real Estate CEO and Chairman Howard ‘Hoddy’ Hanna.
He says there are a number of factors driving the market: “Demand has been high at all times, interest rates at all-time lows. And just a shortage of inventory. “
The pandemic lockdown has resulted in families wanting more space and contractors cannot build new homes fast enough. Hanna says: “Since the recession, not many goods have been on the market for 10 years.”
That, along with the Millennials now to be challenged from the federated lifestyle of living in apartments and the usual 90 day housing supply, is due to “roughly a 38 day housing supply, which means none other homes came on the market and inventory sales continued at the pace achieved in the past six months. There will be no more houses for sale at the end of June. “
Hanna is saying that if someone brings their house on the market, often before the listing even goes public, the offers roll in and they are often at or above the asking price. “It’s definitely a seller’s market.”
Agents for Howard Hanna are often in bidding wars.
Hoddy had an agent who “lost four bids in one weekend but won the fifth, so they felt like they had won the lottery.
Hanna says sellers can be picky because multiple offers come in before the home is even listed.
“You have one buyer with 5% less, another buyer with cash, and if the cash has a lower price they will likely take the cash offer.
So it becomes the highest and best offer. That’s one of the reasons you see homes selling five listings in a day. “
The most sought after are homes between $ 200,000 and $ 600,000,000.
Hanna says alongside the millennials who want a home now, the boomers have slowed down leaving their homes.
Many resisted listing their homes during COVID and now because they did not want a group of strangers to come into their homes during an open house.
But his company believes the supply problem may decrease even further, but will recover later this summer.
So Hoddy Hanna’s advice is not to wait.
“If you are thinking about thinking about selling your home you weren’t sure, I don’t think you will have a better time.”
However, you should know that when you list it, you need to be prepared for a quick sale.
Average sales times have dropped to seven days.