May 2022 - FAST MARKETS CREATE BIDDING WARS! - Portland, Oregon & more! 🏡 🏃♀️📈
When we compare May 2021 days-on-market (DOM) to May 2022 DOM, we can see that the market has been too fast for too long! Four or five days is way too quick to make a life-changing decision, such as buying a home. Granted, the low Housing Inventory does create fewer options, but it's still such a speedy turn-time to:
Drop everything to run out and tour the home as soon as it hits the market.
Have some quick discussion about the pros and cons.
Perform some due diligence
Study the comps and decide how much over list price you should offer.
Write up an offer and pray for the best!
Mentally prepare yourself to do it all over again when your offer doesn't get selected.
This is why home buyers get into bidding wars. They just want to be done with this ridiculous insanity and finally, have a place to call home.
Let's hope the market slows down so buyers and sellers can have a little more time to make such a big decision!