Housing market boom may tempt sellers to overprice
It’s a seller’s market and homeowners are holding firm on the price. More than half of about 1,000 real estate professionals recently surveyed believe the biggest challenge that home sellers will face in 2021 is the temptation to overprice their homes due to the hot market conditions.
Nearly 15 percent of real estate pros surveyed also said they were concerned that bidding wars will drive more offers above appraised values in 2021.
The homebuying frenzy since the pandemic, mixed with a low inventory of homes for sale, has placed sellers in the driver’s seat. Home prices have been rising by double-digit percentages annually.