Buying a House in Spring/Summer 2021

Inventory is the story this Spring! With such low inventory in the market today, we are definitely still in a seller's market. Homes are selling fast and they are selling above the list price. With half of all homes selling in 5 days or less and many homes getting multiple offers, be prepared and be decisive.

Come to the market knowing what you must have, and what you want, and be prepared to act, which means having your financing in order too!

Looking at the chart below, you can see just how much housing inventory has dropped from last year. This chart catches a snapshot from April 2020 to April 2021, that continues to characterize the market today.

Here in Texas, like on average in the rest of the country, home inventory has cut in half. That has created a strong seller’s market, causing home prices to appreciate and creating a competitive market where listings are getting 4 offers on average! That is why experts have advised thinking about the listing price like an auction’s reserve price. Often that is the point you must bid up from the win the home.