Right now due to the forces below, it is currently the best seller's market we have seen since 2005. How long will this hysteria last is anyone's guess, but right now in certain price segments, we are at all-time highs...
Roller Coaster Mortgage Rates...The average 30-year, fixed-rate mortgage went down to 3.89% in late February following the news of Russia's invasion of Ukraine.  During the first 7 days of March, the 30-year rate went through some volatile, two-way swings--up and down...Rates dropped to 3.76% in the beginning of the week, which was the biggest drop in over a decade. One day later, rates rose to 4.53% on March 2th and 3rd, and now today, the average rate on a 30 year fixed rate mortgage in Freddie Mac's survey climbed 26 basis points to 4.42 % in the week ending March 24th. That is 57 basis points higher than the average 2 weeks earlier, generating the biggest jump in mortgage rates over 2 weeks since June 2009. Now the fear of having rates rise to 5--7% is causing fear-buying with wild multiple offer prices. 
 
Inflation is at 7.9% year over year and the U. S. economy is experiencing the highest rate of inflation in 40 years! The war between Russia and Ukraine keeps accelerating and the destruction is massive. Oil prices climbed as high as $130 a barrel. Energy is up 3.5%. gasoline is up 6.6% and fuel oil is up 7.7%. Food prices were up 1%, which is the largest increase since April 2020. Energy and commodities are expected to keep trending upwards. Some say that inflation levels could see as high as 9-10% in the upcoming months.
Low housing inventory has seen the market prices accelerate very quickly, with multiple offers in 24-36 hours and sellers choosing the absolute "highest and best" offers for their situations. Competition is extremely steep and is starting to cause issues for closed comps for the appraisers, as prices are really "what a buyer will pay." Increases in asking prices are the "norm" now and it is difficult to gauge the "proper" starting price---supply and demand is setting the selling prices. Existing home sales were 2.4% lower in February from February 2021, but that is due to a 15.5% drop in the inventories of existing homes for sale in the past year, a 17.5% increase in home prices in 2021, and significantly higher rates in February of 2022. Sales of existing homes in February were down 7.2% from January dropping to a seasonally adjusted annual rate of 6.02 million units, Homes were on the market for 2 days less in February 2022 than in 2021...Average 18 days...In this general area, the "norm" for a desirable home in good condition, good location,, and fairly priced is 3-6 days.
FABULOUS TIME  TO SELL--Especially if you already have a place to go, become a cash buyer due to the sale of your home, or can get a bridge loan and buy without selling...Other options on the buying end---staying with family or a rent-back option until you can secure your next home.