Across the United States, the shortage of homes for sale paired with record-low mortgage rates have created a strong seller’s market. A recent Realtor.com survey of more than 650 potential home sellers showed that many homeowners thinking about putting their properties up for sale see an opportunity to make a profit. Some 29% of sellers plan to list their homes for more than they think they are worth. More than half of sellers expect to at least sell for asking price, 24% think they’ll receive over listing price, and 16% expect a bidding war over their homes.
As many Americans were working from home last year due to the Covid-19 pandemic, their housing needs and priorities began to shift, adding to the high demand for housing and helping to send prices to record highs. The median home price across the U.S. reached a new high of $375,000 in April 2021. Homes are selling around 41% faster than last year and are staying on the market for an average of 43 days.
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