The pandemic-driven shift to telework and the push for more space has sent people into the homebuying market and supply hasn’t kept up. Low mortgage rates also mean cheaper home loans.
Jones said buyers should expect every home on the market to have multiple offers including many all-cash, so potential buyers need to be ready to act quickly.
“Come into the market understanding that you need to give your highest and best and it will be a dog fight,” said Jones.
For buyers who can’t buy a home all-cash up front, Jones suggests getting creative in the terms of your individual offer beyond price, including removing inspection contingencies or an earlier closing date.