Home prices are swelling; buyers and sellers are worried about a market crash. However, today’s market bears little resemblance to the 2008 crisis.
Market watchers are wary because the median sale price in February was $313,000, an increase of about 16% from a year earlier. Still, whatever happens at the end of this frenzied period isn’t likely to simulate the 2008 housing market.
Nationwide homes sell in an average of 20 days. The 30-year fixed rate mortgage is near a record low.
Prices aren’t expected to fall anytime soon, and years of under-building mean the country is facing a serious housing shortage. Total home supply shrunk 28.2% from a year ago, according to the National Association of Realtors.
However, sellers have to be cautious about pricing their home too high because buyers still won’t pay for a property that’s majorly overpriced.
It’s an excellent time to be a seller as long as you have an experienced real estate agent to guide you through today’s market.
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