Source: Redfin —
Nine out of 10 Redfin agents say this is the most competitive real estate market they’ve ever seen or close to it, according to a March survey of 326 Redfin agents. Supply is at a record low and buyers are competing fiercely for the homes that are on the market; prices are up 16% from last year.
Looking ahead, rising mortgage rates–which haven’t dampened homebuyer demand yet–could help the market cool off a bit. “The housing market could shift in the coming months,” said Redfin Chief Economist Daryl Fairweather. “Buyers should talk to their agents and keep an eye out for overpriced homes that have been sitting on the market for more than a week, as there may be less competition for those homes.”
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