2021 real estate year recap: Record-low inventory. Record-high home prices. Low interest rates. Home Buyers taking unprecedented steps to win bidding wars.
Waiving appraisal contingencies is almost the norm. And many buyers are also waiving their loan contingency to compete with cash buyers. Many listing agents are ordering pre-inspections so buyers can waive their inspection contingency. And if that’s not enough, buyers are getting squeezed for every last penny like never before.
This year, real estate relationships are more important than ever. With sellers and their listing agent having their choice of so many offers, the buyer’s real estate agent is more important than ever. Buying and selling real estate can be extremely stressful. Obviously, when reviewing offers, I would prefer to work with an experienced full-time real estate agent rather than a part-time one.
That’s a wrap for the 2021 Real Estate Year Recap.
So many people weren’t able to buy their dream home this year due to this extraordinary competition. And with interest rates on the rise now I wonder if those left on the sidelines in 2021 will priced out in 2022. The road for buyers doesn’t seem to be getting better