Although finding new listings continues to be a problem for buyers in nearly every market, this ongoing struggle only seems to be strengthening the resolve of today’s buyers.
This quarter’s survey showed a dramatic shift in agent outlook from being a buyer’s market to a seller’s market. Nearly all agents believe the home prices will rise.
Convinced that prices have just begun to rise, many homeowners are waiting for their property value to increase more before selling and moving up to a nicer place. That is likely a mistake.
After an extremely strong January, tours and offers continued climbing in February, despite a continued decline in new listings and increasing frustration among buyers.
With inventory at record lows across the country and home prices on the rise in almost every market, buyer frustration shot through the roof this quarter.
A few weeks ago we raised the alarm on new listings, which were down 30% from a year earlier after the first two weeks of January. Things have gotten slightly better since then, but the number of new listings is still down 18% in the first five weeks of 2013 compared to the same period in 2012.
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