The inventory of homes for sale has increased in recent months, causing some buyers to hesitate before making an offer on a home for fear a better home at a more favorable price will become available.
Here’s what you need to know…
Although real estate agents are showing more homes to clients, people still are buying homes, especially first-time buyers. According to the latest figures from the NATIONAL ASSOCIATION OF REALTORS® (NAR), first-time buyers now account for 50 percent of all home sales.
Some agents claim that today’s buyers are having a problem staying committed to the home search. During the height of the market, home buyers were more apt to make housing hunting a priority and to move on a good deal. Real estate experts advise today’s home buyers do the same to be successful in their home search.
Making a list of “musts” and “wants” for home features will help home buyers narrow down the search. Identifying key features, such as the number of bedrooms or bathrooms, will help buyers avoid being overwhelmed by the number of homes available.
Buyers are best advised to work with a REALTOR® who is familiar with the area. Media reports that home prices will decline further may be true for some areas, but not necessarily in all areas. All real estate is local, so finding out what’s happening in a specific neighborhood is most helpful.