Cheryl Karr - Your Solid Source Realty Agent

  Home buyers are facing relentless competition in the housing market, driven by low mortgage rates and inventory. According to the latest REALTORS® Confidence Index, based on real estate transactions nationwide in March, practitioners report an average of five offers on their most recent listing. In a separate report by Redfin published in April, 72% of the brokerage’s agents faced competition when submitting an offer for their clients—up from 66.7% in March. “Bidding wars are intensifying,” says Kristin Lopez, a Redfin real estate pro in Boise, Idaho. “In March, we were seeing three or four offers on a home. Now, we’re sometimes seeing more than 20.” Earlier this spring, a home in Dallas drew 97 offers . “The list price is the starting point,” Mark Wolfe, broker-owner of RE/MAX DFW Associates, told the Dallas Business Journal about the competition. Bidding wars have grown so common that nearly half of homes on the market are being sold for more ...

  Pending home sales climbed in March, following two months of declines that were mostly blamed on a lack of homes for sale, the National Association of REALTORS® reported Thursday. Home buyer demand remains high, but inventory constraints continue to push on sales potential. NAR’s Pending Home Sales Index—a forward-looking indicator of homes sales based on contract signings—increased 1.9% in March and posted a 23.3% year-over-year gain. Part of that double-digit annual increase is due to a comparison to March 2020, when COVID-19 pandemic lockdowns began. Still, “the increase in pending sales transactions for the month of March is indicative of high housing demand,” says Lawrence Yun, NAR’s chief economist. “With mortgage rates still very close to record lows and a solid job recovery underway, demand will likely remain high.” Housing inventories may soon see a boost , too—which would be welcome news to house hunters. “More inventory will show up as ...

  It’s not unusual for people to look for ways to cut housing costs, and it’s especially true of older adults who may be looking for ways to retire early or make life on a fixed income more comfortable. From the traditional approach of downsizing to the more adventurous option of retiring abroad, there are many ways for you to cut housing costs in retirement. Read on for eight ways to lower your housing expenses: 1. Plan for Multiple Phases of Your Retirement You will likely live a long time in retirement. And, the home that is right for you at 50 or 60 might not be right for you at 70 or 80, let alone when you are 90. You can do a better job of predicting and perhaps lowering your housing costs by planning ahead. You may want to stay in your family home now, but downsize ...