The Aliano Group at C2 Financial Corporation

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Published Date 10/25/2023

In some Think real estate is fairly stagnant these days? Think again. According to Realtor.com’s Evan Wyloge. The overall housing market may have slowed—but many buyers across the U.S. are still racing to close deals in locales they can’t resist. Wyloge puts it this way: “Call it a perfect storm, a classic squeeze play, or maybe just one wildly stressed marketplace. But the unique combo of mortgage rates shooting up to their highest point in a generation, a near-historic lack of available homes on the market — along with the resiliency of some buyers eager to find a way into homeownership no matter what — has led to the pace of home-buying picking up in many parts of the country.” Plain and simple, in many areas of the U.S. there are those who can still afford to purchase a home and are in a rush to beat the competition. Wyloge reports that nationally, the median home listing was on the market for 49 days in the first week of October, according to a Realtor.com® analysis. “That’s just a bit less than the same time last year. But we identified the places where homes are selling significantly faster than they were a year ago—places where buyers do not have the luxury of time and sellers can often expect to turn around a quick transaction.” He identifies a mishmash of places in both affordable and high-priced markets, spanning from the Northeast to the Southwest. From the Rust Belt to the sands of sunny California to the salty homes of Connecticut, there are some places where homes move more quickly despite affordability challenges. Seems there is still a pool of eager homebuyers looking for a good deal while navigating a low inventory of available homes. Like other things in life — like when people were outraged over gas prices and left their cars at home — buyers have become more acclimated to higher mortgage rates, especially when there are homes to be had in places they consider desirable locations, where homes are still selling briskly, according to local...

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