Are you ready for the "Mother of all Bidding Wars"?
According to Barron's magazine "The Mother of all Bidding Wars is Coming"
They point to several key factors:
- The Mortgage Bankers Association Purchase Index for the week ending on June 5 was up 13% from the same week a year ago.
- Robert Shiller, who predicted that house prices in the suburbs would rise faster than those in city centers in coming years, as buyers, now practiced at working from home, seek more social-distancing space.
- Glenn Kelman, CEO of Redfin (RDFN) says traffic growth for his online listings for houses in suburbs and small towns has outpaced that for in big cities by 164% over the past two months.
- Inventory of existing homes for sale was the lowest on record for the month, according to the National Association of Realtors. And bank forbearance has reduced foreclosures, further restricting supply. How do you thrive in a low supply market?
Watch this video for tips on working with buyers and sellers when inventory is at all time low and bidding wars can cause some clients to panic.
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