Thanks to historically low inventory and rising prices, today’s real estate market has been challenging for many buyers. But what, exactly, are the biggest challenges facing buyers today?
According to recent data from the National Association of Home Builders, nearly half of buyers in Q1 2021 (45 percent) cited continually losing out on bidding wars as the reason they haven’t been able to successfully purchase a home. (Not being able to find an affordable home was the second most cited reason, with 32 percent of buyers being unable to find a home in their price range.)
So, what does that mean for you? If you’ve been thinking about buying a home, it’s important to understand the challenges of the current market; that way, you can better prepare yourself for bidding wars—and be prepared to make offers that grab the attention of a seller and increase your chances of getting that offer accepted.