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Selling? We have buyers waiting

If you’re following what’s happening in the housing market right now, you know that many people believe the winter months aren’t a good time to sell a home. As Senior Economist George Ratiu recently noted,

“Sellers tend to be more reluctant to list during the colder time of year when the market typically makes a seasonal slowdown.”

Homes are selling at breakneck speeds

It’s no secret that inventory is low and demand is high, creating one of the most competitive housing markets our country’s ever seen. But on the ground, the sense of urgency is real.

According to data from real estate brokerage Redfin (NASDAQ: RDFN), the average house is selling in a mere 18 days. That’s down a whopping 17 days from the same time last year, the fastest pace ever recorded.

Many homes are selling even quicker, too. In fact, 58% of listings are under contract in two weeks, and 45% are under contract in just one.

Unfortunately, it seems like those conditions aren’t letting up anytime soon. Here’s how Daryl Fairweather, chief economist for Redfin, put it: “The housing market has gone from one extreme — the onset of the pandemic, to another — the rush to buy primary and second homes while mortgage rates remain near historic lows … This home sale boom is nowhere close to over.”

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