As sellers hold their grip on the market, buyers are starting to understand what it’s going to take to stay in the game, according to responses in Redfin’s second-quarter Real-Time Home-Buyer Report.
After speaking at length with the buyers, it was determined that although their understandable frustration concerning the low amount of inventory continues to rise, there is an equal elevation in their individuals awareness and recognition of the seller’s market, as well as an overall willingness to actually pay more out of pocket for purchasing real estate.
The report goes on to predict that the prices of property will only continue to escalate, yet likewise finds that the majority consensus of the concern when it comes to an overall stability in the nation’s economy are actually lessening as times goes on.
The following represent the majority sentiment and perspectives of homebuyers questioned:
The consensus that is emerging is that the present market is most definitely shifting into a seller’s market with statistics showing that a scant 31 percent of homebuyers actually are of the opinion that it is a good time to buy in their local areas, this finding down from the recent 40 percent.
Further supporting this sentiment is the 67 percent of interviewees that consider this a prime time to sell (up from a previous 48 percent).
Although the market is showing itself as a seller market, an astounding amount of homebuyers interviewed are revealing their increasing willingness to pay more as the prices continue to rise, most of this eagerness or accommodation appears to be a direct result of the staggering low inventory that has presented on the market this quarter.
One percentage that remained static within this quarterly report was the amount of homebuyers who are already preparing for continued pricing increases on the market. It would appear that 23 percent (just up from 22 percent last quarter) are acutely aware and ready for continued hikes.
In light of this belief, the rising prices in the market are not only becoming a topic of discussion, but are morphing into an increasingly common concern, with 48 percent of homebuyers polled presenting great anxiety on this issue.
The bottom line of Redfin’s findings points to a few, clear conclusions: homebuyers are frustrated with the low inventory availability on the market, they are growing weary of the increasingly cutthroat competition within the market, and they are unhappy with the current rate and pace at which the homes themselves are selling.
The data for Redfin’s analysis was extracted from interviews conducted with over 1,350 actual homebuyers from 22 metropolitan markets in the U.S, all having recently toured Redfin homes for sale.