Home price indexes took a major hit after the financial crisis a decade ago, and it took a long time for those prices to recover. But according to a recent report from CoreLogic, it looks like the market has officially recovered, which is obviously great news for sellers.
According to the report, as of September 2017, one-third of homes sold in the US were sold at or above asking price. And homes selling above asking price have nearly tripled since January 2008, making up one-fifth of all sales (and putting the share of homes selling above asking on par with pre-2004 levels).
Why are so many homes going for more than asking price? It’s a simple case of supply and demand. According to the Housing Shortage Report from Realtor.com, the US is experiencing historically low inventory. There’s not enough homes on the market to meet buyer demand, which is creating fierce competition and driving up prices.
If you’re thinking about selling, now is the time to make a move. These competitive conditions won’t last forever (new construction is already underway across the country to address the housing shortage), so use the housing shortage to your advantage and get the highest offers for your property.