If you are looking to buy or sell, keeping up with what is happening in the real estate market is to your advantage. Whether you are casually browsing or on a mission, reviewing what has been going on in real estate can help you save time and effort. We have identified three main patterns we encourage to stay updated. The mix of high prices, low inventory, and fast selling are combined to make a blazing hot real estate market!
With high demand, prices have skyrocketed. This is good to keep in mind when seeking your next property or selling a house because it affects what is in your price range. Currently, the average selling prices in Southern Idaho are increasing year over year at an astounding rate. In Ada County the median home price in March 2021 increased by 27 percent over the same month in 2020. Canyon County, just west of Ada County, saw an increase of 41 percent.
Since the demand has been high, the competition is fierce to find an investment opportunity. It might be a hard game if you are trying to buy, but that also means it will be super easy to sell. And if you are looking to buy, it can be tricky but not impossible. Even in this hot market when prices are rising continually there is still room to see a return on your invest. Purchasing a house now could mean value growth in the future due to the consistent rising prices.
The competition in the real estate market has been intensified by lack of inventory. Usually, if there are no new listings there would be 4-5 months of available inventory but currently there is a couple weeks’ worth. Prices are rising because there are more buyers than houses available in the market. It is the principle of supply and demand and there is no clear solution to the problem.
The average days on the market for a house is at an all-time low. The relentless market has shown a 63 percent decrease in days on the market, the number of days it takes to sell a property. Fast selling makes it imperative to stay current on new or changing listing. House hunting should be considered a sport with how fast you must jump on the listings! All of this means that if you find a house you’re interested in, you better move quickly to put an offer down before it slips through your fingers.
The trifecta of high prices, low inventory, and fast selling houses makes for a difficult but exciting real estate market. This sparks enthusiasm because it means the industry is booming and there is big opportunity for investment. Remember to do your research before you enter the wonderful world of real estate. 360 Real Estate Service would love to discuss your next real estate move and help you make a plan! Let’s talk!