Southbay Home Buyers Getting Off the FenceBlog, Buying, Community News, Market Updates, South Bay Living
You’ve heard of days on market for a listing? How about a year on market for buyers? A new survey found that one out of three buyers has been looking for a home for more than a year and now they are ready to grovel. The survey found that one third of buyers currently searching for a home have been on the hunt for more than a year, and that the vast majority of them are willing to negotiate with sellers and make compromises to find their next home. With prices rising every week, lenders as strict as ever, interest rates rising, inventories at decade-low levels and competition for homes breaking their hearts, more and more buyers are reaching their frustration limits. In particular, prospective homebuyers are willing to compromise on popular amenities and their home’s location. Listed inventory in April was approximately 14 percent below one year earlier and 32 percent below the level of April 2011 , which has made it difficult for buyers to find homes. With an increase of buyers coming into the market, the lack of available homes for sale has presented challenges for first-time and move-up homebuyers. The recovery has transformed the mindset of many buyers and sellers who grew accustomed to the buyers’ market we saw for years. The current market trends indicate buyer confidence is building back up and demand is strong. As our survey indicates, sellers are now in a more favorable position. For the last few years, homeowners have been hesitant to list their homes due to unfavorable economic conditions. Today, the recovery in housing continues to gain momentum, and with so many buyers in the market who are competing for so few available homes, it is a great time for sellers to speak with a real estate professional about the advantages of listing their home.