You know (or you should know) that there are WAY more buyers than homes out there on the market. Many reasons - but much of it comes down to sellers not being ready to move. They know homes are selling at historic high prices, but...
- they need to make some repairs or cosmetic updates to yield the highest price - and it's really hard to schedule contractors right now because everyone's looking to have work done
- they don't know where they'll go after their home sells. If they're a move-up buyer, they also face the challenge of getting an offer accepted. If they're a down-sizer, they may not have a place picked out as their retirement destination.
- they need to de-clutter so the home shows its best and that takes time.
- they are still leery about people walking through their house because of COVID and the highly contagious Delta strain.
Fall 2021 continues in the same mode as earlier in 2021: buyers who are primed to purchase, only to fail to have an offer accepted. What to do?
- be realistic about your price range. If you plan to spend $600K, limit your search to homes below $550K; it is likely that you will be paying considerably over asking.
- have a solid mortgage preapproval from a name-brand lender. This is not a market where a local storefront lender with great rates will help.