U.S. Housing Market Begins to Favor Sellers
Home sellers finally have gotten the upper hand against buyers as the home market haltingly recovers. According to a study titled the Century 21 Spring Home Selling Survey:
The CENTURY 21 spring selling survey shows there are plenty of serious buyers in the market who are actively making offers, but due to low inventory and many houses receiving multiple offers, bidding wars are becoming more common.
- 33 percent of those searching for a home say they have been at it for over a year, while 67 percent have been searching for up to a year.
- Offers are being made, but not many are accepted: 42 percent of those searching for homes have made an offer in the past six months yet only 11 percent have had their offers accepted.
Current homeowners looking to buy are more than twice as likely to have their purchase offer accepted as those who rent (15 percent vs. 6 percent). However, renters are nearly three times as likely as homeowners to report that they made an offer but couldn't agree on price (14 percent vs. 5 percent).
85 percent of home searchers are willing to go above and beyond in order to force the deal through. Of those willing to go above and beyond, the top four comprises they'd be willing to make are:
- 51 percent would be flexible with the closing time.
- 31 percent would compromise by purchasing the house as-is.
- 29 percent would compromise by putting more cash down than they had planned on.
Filed under: 24/7 Wall St. Wire, Economy, Housing