Here's an on-the-ground perspective of our wild spring market thus far.
2021 is the third straight year of low inventory in our market. Here in early spring, we’re already seeing an extreme amount of buyer demand. Given these low interest rates and a lack of new construction, this should come as no surprise. Not enough homes are hitting the market to match this degree of demand.
On March 15, 2019, there were 87 homes for sale in Savage. At the time, that was considered historically low. On that same day in 2020, there were 67 homes for sale. As of March 15, 2021, there are just 16 active homes for sale. When you consider that 12 of those 16 homes are already under contract, you begin to understand that buyers who need to purchase today are working with virtually zero inventory.
On top of that, many sellers have put showing restrictions in place due to the pandemic, so there are no overlapping showings. The result is that plenty of buyers are finding it near impossible to even get into a house that they’re interested in.
Whether you plan on buying or selling this year, know that this crazy market of ours demands special levels of preparation. Have several in-depth conversations with your agent and your lender before you even start the process. We’ve already found ourselves in multiple-offer situations this spring, and new challenges continue to crop up.
The last thing you want is to enter a torrential market with the wrong expectations. You need to be working with experienced professionals who are well-resourced. Whereas the buyer’s agents of yesteryear would try to source the best deal for their clients, today’s buyer’s agents are only focused on doing whatever it takes to get their clients into new homes.
If you have further questions about this or any other real estate topic, don’t hesitate to reach out to us. It’s our pleasure to be your go-to resource, and we hope to hear from you soon.