The housing market is on fire! Homes spent an average of 17 days on the market in March, and 87% sold for less than a month - this trend may continue to increase according to the National Association Of REALTORS® data.
According to a new report, home buyers should be quick with their offers in today's competitive housing market. 65% of those surveyed said they would make an offer within three days if interested and wanted it badly enough. It is up from 49% in 2017 and just 38% in 2016.
According to a new report from Bank Of America, twenty percent of homebuyers say they would offer immediately. The poll was conducted in 2020 and questioned 2k people's attitudes on buying homes today.
The report also found that:
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77% of buyers are willing to pay more than the asking price,
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67% are willing to waive contingencies, such as a home inspection,
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55% are willing to forego their home inspection,
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47% would give up their right to negotiate on price.
The findings suggest that buyers are becoming more confident in the housing market and are willing to move quickly when they find a home they like. It is good news for sellers, who expect to receive more home offers.
Home prices and mortgage rates continue to be a significant concern for buyers. A home is often the most expensive purchase people make in their lifetime, making it all that much more important not only to know how much you can afford but also when buying this thing - don't let yourself get caught up with impulses.
For many people, a home is not only an investment but also the fulfillment of their dream. However, it can be challenging to save enough money for that big purchase and maintain your sanity in between jobs or moonlighting when you're trying hard at both ends all on its own. More buyers are willing to take on second jobs to earn money for their homes. More than half of those (56%) surveyed said they would be ready.
People are starting to get creative with their housing needs. One-third of prospective buyers said they'd consider starting an online store just so that they could sell handcrafted pieces or some other item and use the proceeds from those sales to purchase a home.
Buyers are willing to compromise to move toward homeownership, including by:
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Moving into an up-and-coming neighborhood (82%),
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Buying a home further from entertainment restaurants and shopping (79%),
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Buying smaller homes (71%),
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Forgoing outdoor space (70%).
If you're considering buying a home, be prepared to move quickly. Have your financing in order, and be ready to make an offer as soon as you find the right property. With competition so fierce, you may not have time to hesitate.
It's important to price it correctly from the start. Overpricing your home will likely result in fewer offers and a longer time on the market.
Not sure what your home is worth? Ask a real estate agent for a comparative market analysis. This report will compare your home to similar homes in your area that have sold recently.
