Home Buyers: Is the market “shifting” against you?
Home Buyers: Is the market “shifting” against you?
A survey which takes into account 982 prospective home purchasers in 19 markets show an increasing trend that home prices are increasing along with a growing reluctance to be involved with multiple offer situations.
Many of the home buyer’s which emerged last spring and eager to take advantage of low interest rates and the best home pricing we have seen in quite some time now seem to have become discouraged by the intense competition for a limited selection of homes for sale. The survey was conducted by Redfin during the month of August.
Seven of the ten respondents surveyed stated that they had encountered competition on at least 1 offer. 31% of those mentioned that they would “back off” when faced with a multiple offer situation—up from 28% during the 2nd quarter.
46% of the respondents surveyed believe that now is a good time to purchase a home—down 56% from the first quarter of 2012. 32% of the survey respondents think that it is a good time to sell—up 13% from the previous quarter. 61% of those surveyed believe prices will increase—up 32% from the 1st quarter. This is obviously evidence that potential buyers think that the market may be shifting against them.
The Association of Realtors stated this week that its index of pending homes sales posted year-over-year gains for the 15th consecutive month. This is the highest level seen since April of 2010.
NAR warned that the limited supply of homes for sale is naturally constraining sales.
It’s not too late according to James, a first home builder in Perth—home prices and interest rates are still at historic lows. Granted, the home buying process may take longer than it would have 1 year ago yet I can assure you that with a little determination and patience your “dream home” will be found. Call me today to start the process! 208-869-3469 . . .