Jay's Notes: You heard it here first last week in our newsletter. It is no longer a buyer's market. Price increase, sometimes rapid price increases, and multiple offers are now becoming commonplace. Watch investors come off the sidelines in droves this year and that will continue to move prices upward. The deals are now before that happens.
It’s been mostly a “buyer’s market”
in the majority of housing markets for the past few years, but more
Americans are seeing home buyers’ power in home sales and negotiations
soon slipping away.
More Americans are reporting increased optimism when it comes to
selling a home as prices take a gradual turn upward, according to a
recent survey.
About 28 percent of Americans say it’s a good time to sell now,
inching up from 13 percent last quarter, according to a survey by Redfin
of more than 1,200 potential buyers in 18 metro areas.
Nearly 60 percent of the survey’s respondents say they think prices will rise this year, up from 34 percent last year.
Seventy-one percent of the respondents surveyed also said they are
seeing more bidding wars and multiple bids on homes today, too.
Home buyers are increasingly being lured back to the housing market,
according to several recent surveys. Many buyers say record-low interest
rates and increased housing affordability has made buying more
attractive. However, according to the Redfin survey, buyers also say the
drop in inventory of homes for-sale is one reason to hold off on buying
nowadays.
Source: “Redfin: Homebuyers Think the Market is Beginning to Favor Sellers,” HousingWire (June 4, 2012)