The real estate market has been experiencing several changes lately, from shifts in inventory to adjustments in buyer behavior and appraiser challenges. As a Realtor®, staying informed and aware of the latest trends and statistics is essential to serve your clients better.
- Buyers are becoming more cautious and hesitant to overpay for a home. Instead, they’re exploring creative options like paying fees traditionally associated with the seller, such as title fees, portions of 2023 taxes, and transfer fees.
- Appraisers have been struggling to determine the value of homes with Home Equity Line of Credit (HELOC) loans, and brokers are increasingly assisting with comparable sales data.
- Different districts’ school spring break schedules have been impacting showing activity.
- Some buyers can afford to put down a significant amount of money, allowing them to request, receive, or even be offered an ‘appraisal waiver’ from lenders.
- Recent data shows that the percentage of homes lowering their prices has decreased from 58.4 percent in early November to 37.2 percent.
- Homes with price reductions take longer to sell, with an average listing time of 104 days compared to 46 days for those without. However, this trend has been improving since the start of the year.
- As of March, there were 13,609 active listings on the market. The highest listings were recorded in 2006 (27,309), while the lowest was in 2021 (1,921).
- This year’s increase in active listings from February to March was 19.53 percent, representing the third-largest month-over-month change.
Keeping up-to-date with the latest trends and statistics is crucial for Realtors® to serve their clients better and help them achieve their real estate goals. In addition, understanding the challenges buyers and appraisers face will enable you to make informed decisions and provide the best possible service to your clients.