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Currently, home sales are outpacing the number of new listings on the market each month, and there’s concern this could lead to a further depletion of inventory in 2021. New data from Homesnap breaks down recent findings, providing an overview of market trends and what that might mean for the future of real estate.

According to Homesnap, there was only a .22 percent increase in the total number of new listings brought to the markets in October 2020 compared to last year. Comparatively, there was a 19.29 percent increase in total sales, year-over-year, in October. This could be a predictor of further draining of inventory heading into 2021.

Due to an overwhelming buyer demand and low inventory, home prices are rising, reports Homesnap. The average list price for properties that have sold increased 6.7 percent from September to October.

Homesnap analyzed this data and predicts that the real estate market will remain strong in 2021, remaining competitive as more people look to relocate due to the pandemic. Inventory could see some relief, with homeowners who were interested in selling in the next three to five years possibly listing their homes sooner.

For buyers looking to purchase a home amid the high-demand, low-inventory market, Homesnap Founder Guy Wolcott suggests the following:

Be Flexible, And Be Prepared to Act Quickly
To land a home in a competitive market, you need to be ready to make a decision quickly. Decide in advance which features you are willing to compromise on, so that you can be as flexible as possible when it comes to moving forward with a property. Waiting days to make a decision may take you out of the running. Act decisively, with your agent’s counsel.

Be Realistic About Your Budget
As home prices continue to rise, it is important to always be realistic about what you can spend on a home, especially for first-time buyers.

Stay on Top of New Listings
As the number of days a home spends on the market is rapidly declining, make sure you’re using a platform that provides you with the most accurate and up-to-date information, like Homesnap. Homesnap gives you access to the same real-time housing information that real estate agents use. Relying on outdated data may make you lose out on a home in this highly competitive market.

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