Posts from June 2024

Have you been shocked by the sky-high asking prices in today's market? If so, you're not alone. Many people are wondering why home prices are surpassing comparable home sales (or "comps"). Let's dive into what's going on and why this is happening.

First things first, if you're in the market to buy or sell a home, you've likely heard about comps. Comps are recent sales of similar homes in the area, and they help determine a fair market price. But lately, you might have noticed that asking prices are soaring way above these comps. What gives?

Low Housing Inventory

The primary reason for these high asking prices is the current low housing inventory. Simply put, there are not enough homes on the market to meet the demand. When inventory is low, and buyers are many, prices naturally go up. It's basi...

Have you been shocked by the sky-high asking prices in today's market? If so, you're not alone. Many people are wondering why home prices are surpassing comparable home sales (or "comps"). Let's dive into what's going on and why this is happening.

First things first, if you're in the market to buy or sell a home, you've likely heard about comps. Comps are recent sales of similar homes in the area, and they help determine a fair market price. But lately, you might have noticed that asking prices are soaring way above these comps. What gives?

Low Housing Inventory

The primary reason for these high asking prices is the current low housing inventory. Simply put, there are not enough homes on the market to meet the demand. When inventory is low, and buyers are many, prices naturally go up. It's basi...