(WETM) – Across the nation, home prices are increasing rapidly. In 2021, there has been a 12 percent rise in home prices, which is the biggest gain since 2014.
Experts say demand for housing has surged during the pandemic, but supply is not keeping up with demand. The increased demand drives prices to be more expensive.
Sellers have the advantage right now because of the increased demand. Some buyers find it difficult to buy a house because they are selling so quickly.
“As new listings come onto the market, they are selling rather quickly. Buyers are definitely competing right now for homes,” Jonathan Lerche, President-elect at Elmira-Corning Regional Association of Realtors, said.
The most important thing to do before buying a home is to prepare. Make sure your loans and documents are in order, so that you do not lose out on your dream house.
“I think that right now the most important thing for a buyer to do would be pre-qualified before you go look for a house because they are selling so quickly,” Lerche added.