For the last few years, we haven’t been able to get away from the fact that it’s definitely been a buyer’s market in the majority of US states. However, it seems as if changes could be in the offing, as there is mounting evidence of the home buyer’s advantage slipping away.
A growing number of homeowners are reporting more seller optimism at long last, as prices finally seem to have halted their long decline, and in some cases have even started to grow, reports Housing Wire.
According to a recent survey by the real estate broker, Redfin, around 28% of homeowners in the US say that now is a good time to sell, a significant rise from the 13% who agreed with that statement in the previous quarter.
Of the 1,200 potential buyers surveyed, almost 60% stated that they expected home prices to rise by the end of the year, up from 34% who thought the same last year. In addition, a massive 71% of survey respondents reported seeing multiple bidders on homes this year, resulting in the return of bidding wars – something we’ve barely heard about since before the crash.
An increasing number of buyers are being tempted back into the market, which has been made much more attractive due to record low interest rates and rock-bottom prices. However, a sizeable number of buyers did voice concerns about the falling inventory of homes for sale, which could put off some from moving now.