A sellers market; how'd that happen?

By
Mortgage and Lending with Fairway Independent Mortgage Company 385907

 

 

It seems like just a little while ago, well maybe it was 2, 3, or 4 years that we were reading articles from our national press stating that places like Naples Florida had enough inventory to last for the next 10-15 years.

Cape Coral had enough inventory for the next 7-8 years.

Here's a headline from DSNEWS.com from just a few days ago

"Report finds 67% of buyers believe market has shifted toward sellers."

well, could someone please tell me exactly

How'd that happen?

Actually I don't intend to attempt to answer that question, but rather to take a look at

is it true?

and

what does it mean?

First, I need to mention that I was struck by how many articles these days come from SomethingNews.com. Maybe it's just me, or maybe not, but most and I mean most of my news comes from internet sources.

The source of this report was

Redfin's second quarter Real-Time Home-Buyer report

and I'll leave it up to you to decide if that's a good source or not.

here's a quote which addresses the is it true question

"after speaking at length with buyers, it was determined that although their understandable frustration concerning the low inventory continues to rise, there is an equal elevation in their individual awareness and recognition of the seller's market, as well as an overall willingness to actually pay more out of pocket to purchase real estate."

 does that sound like a seller's market?

 Absolutely

and what does it mean?

that at least for the near future that home prices will continue to rise and that inventory will continue to be low, thus leaving the "sellers" in the drivers seat.

Back to the quality of the survey

the data was acquired from interviews conducted with (over) 1350 actual homebuyers from 22 metropolitan markets in the US having recently toured Redfin homes for sale.

good enough for me.

so back to the original question

how'd that happen?

 

 

 

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Rainmaker
997,293
Mark Loewenberg
KW of the Palm Beaches - Palm Beach Gardens, FL
KW 561-214-0370

tis the season for a shifting market and it is turning heads everywhere... glad we are part of the shift!

May 29, 2013 11:33 AM #1
Rainmaker
275,477
Jay Beckingham
Fairway Independent Mortgage Company - Delray Beach, FL
"I love first time homebuyers"

Mark,

as a lender the constant price increases often raise havoc with appraisals, but I know the listing agents are having some fun.

thanks

jay

May 29, 2013 12:16 PM #2
Rainer
162,575
Alan Harris
Keller Williams Realty - San Diego, CA
San Diego Real Estate Broker with Keller Williams

Hello Jay,

The real estate market shift that occured in the past couple of years astonishes me as well. Inventory of homes for sale in San Diego were in the 10K + and now, it's rare to see it in the 5K mark!

May 30, 2013 02:38 AM #3
Rainmaker
275,477
Jay Beckingham
Fairway Independent Mortgage Company - Delray Beach, FL
"I love first time homebuyers"

Alan,

in the sunshine state if they're priced properly they're immediately under contract, or so it seems. some that look overpriced sell quickly also

 

thanks

jay

May 30, 2013 03:31 AM #4
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Rainmaker
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Jay Beckingham

"I love first time homebuyers"
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