What?
War?
Yes – but not what you’re thinking of. The bidding wars are beginning. Buyers are coming out of the woodwork looking for their new home. They realize that, even though interest rates are slightly higher than they were a year ago, they’ll be going even higher. And they realize that prices are rising, and will probably continue to rise.
Adding fuel to the fire is the fact that there is a shortage of inventory. Nationally there’s less than four months supply of available homes. A normal market has a six month supply. This shortage of homes is resulting in bidding wars on available homes. It’s becoming more prevalent that when someone makes an offer on a home, the reply from the seller is that another offer (or multiple offers) has been received, and they are asking all parties for their best and final offer.
So be prepared. Find an experienced Realtor to help you get the home of your dreams.