Faced with tight inventories of homes for sale, more buyers are realizing they may have to bend a little, or a lot, in order to get the home they want.
According to a new survey by the real estate brokerage Redfin, 35% of real estate agents said, “Buyers are now willing to pay more to find a home.” compared to last summer. About 30% of agents also reported, “Buyers are more flexible on features, held lower expectations for how far their money would stretch, and were looking to new construction due to inventory constraints.” Real estate agents also reported, “Homebuyers were more prepared to waive contingencies in order to win a bid.”
87% of the Redfin real estate agents surveyed cited limited inventory as the biggest challenge that homebuyers face nationwide.While homebuyers may be getting more realistic about market conditions, the survey found that sellers are not. 63% of agents said, “Sellers have unrealistic expectations about the value of their home.” What’s more, 31% of agents say, “Sellers also are frustrated with the number of homes available that they would be interested in buying.”All rights reserved. ©2014 SmartsPro Marketing. Information presented and conclusions stated in this blog are based solely upon our best judgement and analysis of information sources. It is not guaranteed information and is not necessarily a complete statement of all available data. Web site citations are current at time of publication but subject to change.