Home Bidding Wars Are Rising in January 2022

Competition for buying a home has been unseasonably hot this past year.  Buyers faced bidding wars with low inventories.  NAR reported that January 2022 had the fewest number of homes available for sale on record with most of these homes sold under a month.  Mortgage rates are anticipated to rise in the coming months which may cause home buyers to lock-in at earliest date to avoid further increases.  Since there are few homes on the market and townhomes appear to be creating the most competition in some areas. Current buyers desiring to buy a home are trying to locate a home then lock-in the mortgage rate quickly as possible.  Homeowners that bought in recent years are tending to stay put to avoid losing their low interest rate.