It’s going to be tough out there for homebuyers this summer. The housing market has been on a tear for more than a year now, and even as the coronavirus pandemic recedes, home buying challenges remain.
Challenge No. 1: Home prices are sky-high. The national median existing-home price climbed to $350,300 in May, up 23.6% percent from a year ago, according to the National Association of Realtors.
Challenge No. 2: Listings are in short supply. According to title insurer First American, only 115 out of every 10,000 homes were for sale this spring — the lowest share on record.
The takeaway: A glut of buyers are competing for a limited number of pricey homes. But with 30-year mortgage rates still less than 3%, this can still be a great time to buy a house — if you approach it strategically.
If you’re shopping for a home this summer, these tactics will help you come out ahead.