What are Home Buyers Looking For? – Sage Realty LLC Examines the Recent Trends & Perceptions Surrounding Real Estate
Last year, home buyers were particularly concerned with the fact that there weren’t enough homes for sale on the real estate market. This year, the focus has shifted from availability and onto affordability, with competition between buyers ranking as the 2nd top concern, and availability as the 3rd. According to a recent survey by Redfin, real estate trends are changing, and the top home buyer concerns are not the same as they were in 2014.
The reason for this rapid change in perception is largely due to the fluctuating cost of real estate that is for sale. According to Redfin, “Home prices were up 5 percent in June from a year ago and the competition increased to 55.3 percent from 54 percent.” What’s more is that the survey found that 31 percent of first-time home buyers were especially concerned about price growth – an unsurprising finding that can be partially attributed to the anxiety that all first-timers feel when buying their first home.
Fortunately, despite the slight increase in home price from last year, current real estate trends are indicating that longterm price gains are actually slower. As a result, more and more buyers are choosing to sell first and buy later; the survey found that, “Of repeat buyers, 44 percent reported they plan to sell before they buy up, which is an increase of 23 percent compared to 2014.” Why? Well, because of the nature of the real estate market, this strategy allows buyers to get a leg up on the competition by not making an offer on a home which has to contain a contingency—something sellers do not want in an offer, particularly if they have more than one to choose from.
Although this survey is just a small sample of the American buyers’ market, it offers great insight that can assist homebuyers with making predictions in other states. At Sage Realty LLC, our agents want to make sure that all buyers find a dream home that is within their budget. To find out more about Sage Realty LLC’s full line of real estate services, visit their website today at https://www.findahomeinpa.com/.
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