Market Update March 2021

The real estate market is booming!

There has never been a better time in the history of real estate to sell your home. Right now there is extremely low inventory and there aren’t enough homes on the market for the number of buyers that want homes.

We’ve been immersed in this market and it is crazy. We know that there are a lot of you who are concerned about a crash in the market. But this market is so different from the pre-crash market before. We want to take you on a visual adventure, c’mon let’s go fishing.

In 2008, there were so many houses available and not many buyers. Buyers didn’t have enough money to buy. So, it was like this fisherman in a pond with a bunch of houses to choose from. He could pick and choose whichever house he wanted and get the terms that worked for him. Sellers were desperate to sell, they were over their heads in mortgage payments.

Now we have so many buyers and not enough houses. Like this picture of all of the fishermen out fishing but there’s only one fish, or house available. The fisherman has to have the most attractive bait to get the one fish. Now sellers can choose the cream of the crop for their terms because there are so many buyers looking at limited houses available.

Right now in Kent County, there is only a 1.2 month’s supply of homes. That means if no more houses came on the market we would be out of houses in about six weeks. Buyers are desperate for houses.

If you are thinking about selling, we need to have a conversation, buyers need you. Reach out to A&J Realty Partners so we can help you fulfill your dreams no matter the size.