Oct 9 2017 19903 2

Oct 9 2017 19903 2

Homebuyers & Home Sellers are Stuck in Neutral

In a nutshell this is the current real estate market:

  • 80% of buyers and are confident that it is a good time to sell,

  • 62% of sellers are confident that it is a good time to buy,

  • Low inventory is behind the stall. (Source, Association of REALTORS®)

  • The ongoing scarcity of new and existing homes for sale continues,

  • The pace of new home constructionhas not meaningfully broken out this year,

  • Not enough homeowners have followed through with their belief that now is a good time to sell,

  • As a result, home shoppers have seen limited options, stiff competition and weakening affordability conditions,

  • Buyer demand is still there,

  • But the reality is that sales will continue to fall short of their full potential until supply levels significantly improve.

Interesting stats: (Source, Association of REALTORS®)

  • 51% of renters expect their rent to increase next year,

  • 42% say they would renew even so,

  • 15% say they would buy a home,

  • Conclusion: buying a home is already a pipe dream for many renters.

  • Typical 1st time buyers down-payment has been 6% for last 3 years,

  • 66% say that saving for one is difficult right now,

  • Rents and home prices have outpaced incomes in the past few years,

  • Impacting their ability to put aside savings for a home purchase,

  • Next year, higher home prices and limited inventory in the affordable price range will likely continue,

  • Conclusion, this will hold back a share of renters who would prefer to be homeowners.

  • Of those surveyed:

  • o 57 % believe the economy is improving

  • o The hope is this will turn into more earnings

  • o 62% expect their financial situation to improve shortly.

Finally;

  • Jobs are plentiful,

  • Wages appear to be on the upswing,

  • Home values are up significantly over last 5 years,

  • Stock market is at record highs,

  • Conclusion, this should translate into better times ahead.


Wayne Ross Headshot
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Phone: 561-308-8300
Dated: October 9th 2017
Views: 91
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