The Spring 2021 real estate market is like no other we may ever see. There is an over abundance of buyers, and very few sellers. Interest rates are still at near historic lows, and millennials and Gen Z buyers have become a force in the housing market. The result of this is an unprecedented seller’s market. Most sellers can expect to get full asking price for their homes, many times over asking price.. They are also seeing such crazy terms like “appraisal guarantees” where buyers will cover the difference between the appraised value of the home and the agreed upon sales price. Sellers are also seeing buyers that are willing to pay all sellers closing costs, wave inspections, and allow free occupancy for the seller for up to 3 months after closing. Many of these practices go against the advice I would tell my buyers (I would never suggest to wave an inspection or to bid so high on a property that you know from day one, that you are underwater equity-wise as a new homeowner). Nevertheless, the craziness is continuing with no signs of slowing down. I worry about the long term effects that these huge price increases will have on the overall market. I understand that home buyers need a place to live, and shelter is a basic human need, but I just wonder what this all will amount to in the long run.