inventory is going down and buyers are having a much harder time finding a home they can buy. Many houses are selling for more than asking price.
Home buyers are saying they’re willing to pay more for a residential property due to concerns over low inventory. In the second quarter of 2013, 41 percent of buyers said they’re willing to offer more, up from 34 percent in the first quarter, according to a survey of more than 1,300 home buyers in 22 major markets. The number of buyers who say they’re concerned about rising home prices has more than doubled in the past year, according to the survey. Seventy-nine percent of home buyers say they believe prices will increase in the next 12 months—with 23 percent of that group saying by “a lot.”
“Home buyers are accepting the reality of a seller’s market and expressing a willingness to pay more,” according to the brokerage’s survey.
The days of offering 60 or 70% of asking price are definitely over. Not even cash in hand changes the fact that sellers are firming up on their negotiations.
If you are serious about a house, you will need to make a serious offer.
We will gladly help you in your pursuit of the right house at the right price.
your Global Lifestyle team