I know you are frustrated and stressed and wondering if you will ever find a home that you can afford or are willing to buy? With the continued shortage of homes for sale, you are not alone. Imagine being a realtor trying to keep you vested in the process?
I have spent the majority of my real estate career, helping buyers achieve their dream of home ownership. When I first started my career, my buyers would choose homes they wanted to go see, and my biggest issue was scheduling six to seven showings in a row. Today, my biggest struggle is to make sure that there is not already six to seven offers on a property before I show it to my buyers. There is nothing worse then showing properties that have offers on them. I always disclose the presence of offers on a home and give potential buyers the option of seeing the home for back up purposes or I give more time for them to submit an offer on the home and present it to the seller with the other offers. Stringing home buyers along is a waste of valuable time and can be extremely upsetting to potential buyers!
The National Association of Realtors puts out existing home sales statistics at the end of every month. The most recent national statistics can be found by clicking the link below:
What does all of this information mean to the anxious home buyers out there. It means it is not going to get much better for a couple of months. All indications show that the economy is getting stronger and the confidence level of the nation is inching its way upward. The stock market’s recent volatility has some economists singing doom and gloom while others state that the market is just correcting itself. Whichever theory you wish to believe, one thing is for certain, confidence in the future is something that needs to happen to get folks to loosen the reigns a little and make the move they have delayed for quite some time. Don’t give up home buyers. Things will settle down and it is my humble opinion that we have almost reached the maximum capacity of the pricing bubble. Stick to your guns. Don’t buy because you have to. Wait it out if you must. Be aware of rising interest rates and how that can affect your buying power but do not panic. Home ownership is the American dream. On the flip side, it has also been the American nightmare for those who bought for too high a price and had no option for exit.
Keep the faith and keep the information and keep a great real estate agent that is willing to see you through this trying housing market.