Thought Last Year Was Tough for Home Buyers? Just You Wait.
Great story from http://www.realtor.com/ by Johnathon Smoke that talks about the pool of buyers that are in today’s market.
“Call it trouble in paradise: Last year was a serious bummer for many
would-be home buyers, who had made the big decision that they were ready
to buy, only to be frustrated by the lack of available homes and heavy
competition from other buyers in the booming real estate market.”
You have to remember buyers have had control of the residential real estate market for the last 9-10 years and they are not used to this market. We have a buyer right now that wants a $300,000 home for $250,000. That simply is not going to happen on the retail end, every home that might fot his needs and budget is sold by the time he decides on it. If he wants to bid on some foreclosed properties that need work then it might be possible. Buying a property today is not like it has been simply because of the inventory.
That makes it great news for sellers and Investors who want to sale residential real estate in this market. Low days on markets and more buyers that want to buy homes.
“I’ve been saying that key indicators on realtor.com® this year point to the busiest spring buying season in a decade, and we’re starting to see sales data that backs that up. The National Association of Realtors® reported on Wednesday that existing home sales in March increased 5% from February and that homes were selling substantially faster.”
“And here’s some good news: That buyer pool represents a huge and diverse
range of people, from those with serious, short-term intent to those
who face challenges and are just now starting to explore. Over half of
the buyers in the pool today (51%) intend to purchase within the next
That shows that this years market probably will not slow down anytime soon. Want to buy or sale in this in market? Call Brett 216-703-5740 Howard Hanna Ohio and 602-363-6551 West USA Realty Arizona.
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