Sales of existing homes hit a 15-year high in 2021, according to the National Association of Realtors. Last year, about 6.1 million homes were sold, an 8.5% jump from the previous year.
Despite the high volume of sales, inventories remained tight in many markets as demand was high and sales closed so quickly.
On the popular HGTV show “House Hunters”, potential buyers always see three properties, argue over open floor plans and double vanities then chop a carefully thought out choice at a local cafe. But that’s not happening right now, according to Nikki Cimino, an actual house hunter in Denver, Colorado.
“You don’t really have a lot of time to sit down and say, ‘OK, well, you know, there are pros to this house and there are cons to this house.
Often, by the time she sees an ad she likes and contacts her broker and agent, she’s already taken.
Homes typically sell in about a week, according to Lawrence Yun, chief economist for the National Association of Realtors.
“For this major expense – in some cases, millions of dollars – it is somewhat inconvenient to make such a hasty decision on this major expense,” Yun said.
Still, he said motivated buyers are paying more and more money or giving up contingencies for inspections or appraisal just to have a chance of winning a bid.