Homebuyers starting to get their head around the historic housing market

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Published Date 6/9/2021

Just as we all got used to never leaving home without a face mask on board, so have homebuyers gotten used to the frenzy regarding increasing prices and bidding wars. Realtor Magazine reports, “House hunters are realizing they may need to expand their timelines to find a home. While they’re still anxious to buy, they are getting the messages about the competitive housing market and fierce bidding wars that they realize may delay their plans.”

They went on to say that the share of consumers who hoped to buy a home in the next six months plummeted from 34% a year ago to 21% this year, citing a homebuyer flash survey conducted by Point2 Homes, an online real estate marketplace. “But it’s not from a lack of eagerness: 50% of respondents said they were determined to buy as soon as they find the right property.”

RealtorMag also quoted a survey respondent from Dallas, saying, “I’ve been looking since December 2020 for a home but everyone keeps taking them off the market or increasing their pricing at a ridiculous amount.” As for the prospect of housing shortages and pricing increasing, fewer respondents this year appear worried about their personal financial stability. Of the more than 2,600 respondents, 51% said they were confident that the steep price hikes would not be a problem in their house hunt, while 45% of consumers surveyed said they did not believe they’ll be able to keep up with the price hikes.

Are people back to “kicking the tires” of the house they might want to buy as opposed to last year, seeing everything online? While buyers are still showing an interest in virtual home tours to shop for homes, that interest seems to be dwindling in favor of a return to in-person viewings.“Home seekers all across the U.S. remain positive about the home buying process, and seem more determined than ever to find the perfect home,” the report says. “Although the competition is fiercer than it has been in the past, many Americans are keeping their eyes on the market and are willing to play by the new rules—which imply more preparation, higher offers, and going through bidding wars without losing hope.”

Source: RealtorMag | TBWS

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