For any homebuyer, novice or weathered, the 2021 housing market has been harrowing to navigate.
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By some experts' definitions, “this year, [the housing market] decidedly shot way ahead of the economy, to the point where we saw this incredibly overheated market characterized by massive multiple offers, contingency waivers, price escalation clauses, and, in fact, record prices,” George Ratiu, senior economist at realtor.com, tells Fortune.
Indeed, prices in 2021 have been skyrocketing, competition has been hotter than ever, and the low supply of homes ensured that many homebuyers were (and still are) paying top dollar, all while mortgage rates sat near rock bottom. While the housing market is still hot, there are signs that it's beginning to cool off, with housing inventory (the number of homes on the market) starting to “meaningfully recover,” per an Aug. 23 monthly report from Zillow.
Translation: More homes on the market means more options for buyers and, likely, less competition per home.
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