If you are pre-approved and out searching for a home in today's market, you will come to the realization that the market is hot. Low-interest rates and low inventory is two factors that are affecting the prices and increasing buyer competition. A recent article released by Redfin states "
Housing Market Update: 55% of Homes Under Contract Within 2 Weeks, a New Record" . Our agents are working in these markets and seeing 15-26 offers per home and in other markets, we getting reports of seeing over 55 offers per home. Now the Real estate market is seasonal and we see demand fluctuate throughout the year. One thing we are in serious need of is inventory.
California has tried to remedy our housing issue by allowing properties with the appropriate lot size to add an ADU. An ADU is short for an additional dwelling unit, you can ad a good-sized dwelling to your property. One of the companies capitalizing on this is called " Mighty buildings", they are currently building and selling 3D Printed ADU's. ADU's ad tremendous value to a property and homes with the correct lot size are hard to find. For a list of homes with correct square footage click on this page.
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