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Buyers and Sellers not on Same Page
Hancock Mortgage Partners, LLC
The real estate market is ever-changing, shifting from a buyer’s to a seller’s market and then back again. In the current housing market, sellers and buyers are no longer on the same page, this according to a recent survey performed by Redfin. Read on to learn what this research shows in regards to buying and selling a home in today’s real estate market.
What the research reveals about buyers.
There are still many properties on the market, ensuring a wide range of housing options for buyers. However, access to credit and the increased prices of homes have made many potential buyers hesitant to purchase. According to the research, 40 percent of the agents who were surveyed feel now is a good time to buy a home. This percentage is down from 46 percent in 2013, showing the market is not necessarily ideal for buyers.
What the research reveals about sellers.
Although the research shows buyers are less willing to get into a bidding war, and less willing to pay high prices, sellers have still not grasped the change in the market. According to Redfin, 40 percent of sellers planned to list their homes above their market value, even though home sales have dropped by nine percent in the last year.
What this means for the housing market in general.
There is a perfect storm of sorts being created by the disconnect between buyers and sellers. Sellers are insisting on pricing their home’s too high and are not as willing to negotiate with buyers. While buyers are less able to acquire credit and are not as willing to enter a bidding war or pay what they feel are inflated prices. Therefore, the housing market, although not weak, is not near as dominant as in year’s past.
Real estate is constantly shifting as is the correlation between buyers and sellers and who has the upper hand. Today, it is difficult to determine who is in the best situation, the buyers or the sellers. Regardless of who has the upper hand, it is obvious that there is a disconnect between the two.