“Each week, inventory keeps dropping, and the homeowners who do decide to list are setting higher and higher asking prices,” said Redfin Chief Economist Daryl Fairweather. “Prices are rising so quickly that even recently sold comparable homes might not be the best gauge for how a seller should price or how a buyer should offer. Instead, buyers and sellers alike should have their agent call listing agents of homes that have gone pending in the last week for inside information on winning offer prices and terms. By late spring I expect the market to stabilize, as high prices will draw more sellers on to the market, especially sellers who are considering downsizing or moving to a less competitive area.”
