Could this year turn out to be even tighter than 2021 when it comes to the housing supply? I am afraid it could be! 
For example; as I write this, there are 7 houses listed for sale in Needham and that will most likely go down to 3 after new ones are quickly sold over the weekend. Wellesley has 9 properties on MLS, and the same thing will happen by Sunday. I guarantee that at least half of those homes will go under agreement in a matter of days.
That said, it is still early in the spring market. We hit our peak selling season in spring from March to April, so I promise we will see an inventory increase by then. March is when most of my listings will be coming on, so that is encouraging to me. How much more robust will the inventory become overall? I think we have to wait and see. It is just too hard to predict that right now.
On the buyers side, I found myself in bidding wars last week with a few clients who are SO ready to jump in. In two of those competitions, it was cash buyers who bid the highest and won, cutting out more than a dozen other potential winners. Cash may be king, but it is not what most people can offer. Coming up with $2M from your bank account to pay for a house is not an easy task for people. It's just another detail that complicates this crazy process when you are a buyer. 
As we discussed last week, the federal government is attempting to get buyers attention in the form of a rate hike, but even that isn't affecting their intense desire to buy. I wouldn't say that people are ignoring the news about rates. Rather, they are readjusting and considering adjustable mortgages which offer lower rates for the first 7-10 years of the loan. Listen, nothing is going to stop that incredible need to get settled into a house!! Not rates, and not Covid.
Covid didn't stop me, but it did slow me down. I am a little late to the blog this week because after caring for my three daughters who tested positive in December, I had it this week! Ugh!!! Today is my first day out from quarantine and I will say, it was more than a common cold. It wiped me out in terms of having extreme fatigue, so take care not to get it if you can. Nobody wants to feel sick, and stopping all your daily activities for 6 days while you don't feel well is quite the juggling act for everyone. Stay healthy!!