If you've been shopping for a house in the past few weeks, you've likely already noticed that the spring housing market is off to a hot start. Typically the time of year when home buyers and sellers get active after a long winter, spring is always busy – but this year is different. Not only is it the first spring market following a year of coronavirus restrictions and mitigation efforts, but a lower-than-normal number of homes for sale has led to some record breaking numbers.
For example, according to one recent analysis, in March, the number of days the typical home for sale was on the market dropped to 25 days, a record low. At the same time, the number of homes that sold above list price reached an all-time high. In other words, March saw one of the hottest months of housing activity since at least 2012. Homes are selling quickly and competition among buyers means they're selling for more than homeowners are asking.
This means, buyers have to be prepared to act fast and stay flexible when they see a property that fits their needs.
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