REALTOR Magazine recently published new data from Fannie Mae’s Home Purchase Sentiment Index reinforcing what we’re seeing in the field: it is definitely a seller’s market right now. Here’s what they found:
- The number of home buyers who say now is a good time to buy dipped to an all-time survey low. Meanwhile, home owners who say now is a good time to sell soared to an all-time survey high.
- 30% of Americans say now is a good time to purchase a home, a drop of 3 percentage points from the previous month and now at an all-time survey low.
- 15% of Americans say now is a good time to sell a home, now at an all-time survey high.
- More consumers think home prices will rise over the next 12 months compared to March, and slightly fewer consumers also expect mortgage rates to go up over the next year.
- The percentage of respondents who say they are not concerned with losing their job increased 6 percentage points to 74%, nearly a 7 percentage point decrease in March.
- The percentage of respondents who say their household income is significantly higher than it was 12 months ago held at 11%.
The article goes on to note that this disconnect in the market is related to the limited number of homes for sale in many markets, which means that sellers face less competition and are therefore getting higher offers for their homes. On the other hand, home buyers have fewer choices and are forced to paying higher prices, sometimes in multiple-bid situations.
So what can you do if you’re a buyer in this market? We recently published our Buyer’s Survival Guide to getting the best price for your dream home in this market.
Interested in learning more about this? We’d love to chat! Contact us!
File: seller’s market