Desperate Buyers ‘Snag Homes Sight Unseen’

Some home shoppers are feeling hopeless this spring and making competitive moves in order to get a home. They’re reportedly rushing to making offers without seeing homes first, bidding well above the asking price, or waiving inspections entirely to get sellers to find their offer the most alluring.

Record low supplies of homes for sale are driving up prices across the country.

As for sellers, they may find some big profits when they do sell. “It’s going to have the feel of a hot market” with multiple offers and bidding wars, says Lawrence Yun, the chief economist for the National Association of REALTORS®. Still, Yun expects sales to be flat compared to a year ago due to the shortage of homes for sale as well as reduced affordability for many house hunters.

Source: “Home Buying Market so Brutal, Some Home Buyers Make Offer Sight Unseen,” USA Today (April 5, 2018)

Market is beginning to favor Home Sellers?

It’s been mostly a “buyer’s market” in the majority of housing markets for the past few years, but more Americans are seeing home buyers’ power in home sales and negotiations slipping away. Our regional  low listing inventory adds fuel to this prediction.

More Americans are reporting increased optimism when it comes to selling a home as prices take a turn upward, according to a recent survey. Does  your market reflect this?

About 28 percent of Americans say it’s a good time to sell now, inching up from 13 percent last quarter, according to a survey by Redfin of more than 1,200 potential buyers in 18 metro areas.

Nearly 60 percent of the survey’s respondents say they think prices will rise this year, up from 34 percent last year.

Seventy-one percent of the respondents surveyed also said they are seeing more bidding wars and multiple bids on homes today. Please provide your comments.

Source: “Redfin: Homebuyers Think the Market is Beginning to Favor Sellers,” HousingWire (June 4, 2012)