Nick, & Cindy Davis

Spring home-buyer issues

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This spring’s home-buyer expect less competition overall as more inventory continues to hit the market nationwide, but will struggle with affordability as home prices continue to rise, as outlined by new survey data released today by realtor.com. The survey also discovered that up to 50 % of the home-buyer this spring are trying to find homes at or under $200,000, which despite less competition will prove hard to come by, as this one segment of housing has actually experienced the most significant inventory decline year-over-year.

Spring homebuyer issues - Their budget

Spring home-buyer issues – Their budget

 

Realtor.com conducted the online survey earlier this month together with Toluna Research. It was conducted online with respondents who said they want to buy a home in the next 12 months.

“The 2019 spring home buying season will be characterized by rising home prices, a moderate pace of home sales, and an influx of inventory,” says Danielle Hale, realtor.com’s chief economist. “More homes on the market and lower mortgage rates will help offset some difficulties associated with price gains, but affordability will remain the primary challenge for shoppers, particularly in lower price segments.”

When survey respondents were asked whether falling mortgage rates or higher home prices had the greater effect on their search, 38% of respondents indicated the increasing home prices, 26% said falling rates of interest, and 35% said neither.

The most significant segment of shoppers heading into this spring have been trying to find a home for seven months or more – nearly exactly like last year – while 26% have been in the market four to six months, and 34% entered the market in the last 90 days. The numbers largely flipped since last year when 34% had been searching four to six months, and 26% had been searching 90 days or less.

When asked the level of competition shoppers expect to face this year, just over 60% indicated a minimum of some competition when compared with 70% last year.

Only 17% of this year’s shoppers intend to offer even more than asking price this year to secure their purchase, down from 26% last year. Similarly, 33% of shoppers this year were expecting to put down above 20%, which is less than last year’s 40%.

Only 38% intend to check listings websites daily, as compared to 42% in 2018.

“The spring home buying season is an improvement over last year from an inventory perspective nationwide, but would-be buyers still face challenges,” Hale says. “This year, shoppers are going to be grappling with their budgets, rather than competition from a horde of other buyers. Instead of worrying about which tactics will help them get ahead, potential buyers will have to decide what they are willing to give up in order to stick to their budget.”

The change in higher-end buyer mentality is probably due to the recent increase in inventory, which has increased 6% year-over-year, as reported by Hale, and will give buyers more choices to select from this spring. For example, the number of homes priced at or over $750,000 rose by 11% in February; however, the number of homes priced at $200,000 or less dropped by 7% year-over-year while in the same time.

The drop in homes under $200,000 is probably going to produce a difficult environment for entry level home-buyers as up to 50 % are trying to find a home at or under $200,000.

Alternatively, only 6% of spring shoppers are searching for a home at or above $750,000 – the price range that saw the most significant increase since 2018.

Ready to find your new home here in the Tampa Bay and Surrounding Areas? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.

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