“Buyers are incredibly hungry for listings, but unfortunately there isn’t much to choose from, and that scarcity is making buyers all the more frenzied,” said Redfin chief economist Daryl Fairweather. “As a result, the majority of the homes that hit the market are getting multiple offers right away. Not only do you have to be fast to win a home, you have to be prepared and resourceful. I recommend that buyers on a tight budget target homes that are priced 5 to 10 percent below their maximum price so they have room to increase their offer in a bidding war.”
“The inventory is there; it’s lying in wait,” said Seattle Redfin real estate agent Scott Petrich. “Now that the end of the pandemic is in sight, people will gradually start listing homes for sale. And once more companies and workplaces start calling employees back to the office, some homebuyer demand will shift back toward apartments and townhomes. Right now all the pressure is on single-family, suburban homes.”
