It’s no secret that buyers are at an advantage right now when it comes to purchasing homes, and sellers are definitely starting to take note of this. Two recent surveys indicate that sellers are starting to gain more confidence in their properties; these surveys also show that sellers are also withdrawing from the market.
This results in very low home inventories, which limits the choices that buyers have when they’re looking for a new home, especially in prime buying season, which is in the spring. A national survey also confirmed that housing inventory had dropped 1.3 percent by the end of March. Listed inventory is also 21.8 percent lower than it was a year ago.
However, another study indicates that the number of people who affirmed that now is an ideal time to sell a home increased from 10 to 15 percent for the fourth month in a row. While this isn’t an overwhelming increase, realtors do believe this is a step in a positive direction.
As far as neighborhoods go, only about one in five adults agreed that now is a perfect time for someone in their community to sell a home, while 63 percent disagree with this sentiment. The prices that people are expected to pay for home is also directly linked to changing mindsets among home sellers.
Generally, Americans are expecting home prices to increase about 1.3 percent in the next year. This is due to the fact that people are generally optimistic about the positive turn the economy is taking, and are willing to pay for homes that are a little higher priced. Confidence in the home buying market rose two percent from March to April, so home purchases are expected to increase.
This presents good news for both sellers and buyers, and will increase the chances that individuals will get into new homes they are satisfied with, in terms of both home specifications and price.