How long a house has been on the market can make a difference, too. If a home has been listed for more than 30 days, that might mean it’s overpriced—and that means you might have a little room to negotiate on price.
The rules on how to buy a house have changed, folks—so if you’re serious about becoming a proud homeowner in the near future, you’ll want to read this first!
So what’s changed the most in the traditional home-buying process? For starters, prospective buyers should brace themselves for steep prices and stiff competition. Data on realtor.com® show that the nationwide median home price has pushed above $250,000 for the first time ever, 8% higher than a year ago. Plus, total inventory remains much lower than it was a year ago, falling well short of buyer demand. The result? Despite rising home prices, properties are “flying off the market,” says Linda Sanderfoot, a real estate agent with Coldwell Banker in Neenah, WI.
Altogether, “it’s a hot seller’s market,” says Seth Lejeune, a real estate agent with Berkshire Hathaway in Collegeville, PA. While it’s good news for sellers, buyers will need to take some extra measures to compete with other house hunters.