If you’ve been house hunting on Zillow lately, you might have noticed something frustrating: almost every home you click on is already “under contract.” This can make the search feel like a wild goose chase. So, what’s going on?
What’s “Under Contract” Mean?
First things first: when a home is “under contract,” it means that the seller has accepted an offer from a buyer, but the sale hasn’t closed yet. There are still some steps to go through, like inspections, appraisals, and finalizing financing.
The Real Estate Market Is Hot
One big reason you’re seeing so many homes under contract is that the real estate market is really hot right now. Low interest rates have made buying a home more affordable, so more people are jumping in. This surge in demand means homes are getting snapped up quickly.
Low Inventory
Another factor is low inventory. There simply aren’t enough homes on the market to meet the demand. This shortage can be due to several reasons:
- Homeowners Staying Put: Many homeowners are choosing to stay in their current homes, reducing the number of properties available for sale.
- Construction Delays: Supply chain issues and labor shortages have slowed down new home construction.
The Role of Technology
Technology has also changed how fast homes get under contract. Real estate apps and websites like Zillow have made it super easy for buyers to find homes and make offers quickly. With notifications and real-time updates, buyers can act fast—sometimes within hours of a home being listed.
Competitive Offers
Because of the competitive market, buyers are making stronger offers to stand out. This might include offering above the asking price, waiving contingencies, or being flexible with closing dates. These aggressive tactics help their offers get accepted faster, leading to more homes being under contract.
Tips for Home Buyers
If you’re feeling discouraged, don’t worry. Here are a few tips to help you in this competitive market:
- Get Pre-Approved: Have your financing in order before you start shopping. This shows sellers you’re serious and ready to move quickly.
- Work with a Realtor: A good real estate agent can help you navigate the market and may have access to listings before they hit Zillow.
- Be Ready to Move Fast: When you find a home you like, be prepared to make an offer quickly. Hesitating could mean missing out.
Red Door Metro Can Help
Navigating this crazy market can be tough, but you don’t have to do it alone. Red Door Metro is here to guide you through the process. With expert knowledge and a commitment to helping you find your dream home, Red Door Metro can give you the edge you need. Whether you’re buying or selling, their experienced team can help you move fast and make informed decisions.
So, while it might seem like every home on Zillow is already under contract, remember that the right strategy and support can make all the difference. Happy house hunting!
