Fierce Competition Makes Home Buyers More Flexible

By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.

As we kick off 2014, it’s already abundantly clear that in many places it’s a seller’s market out there.
Even more evidence to prop up this argument has cropped up in the last week as a survey conducted by Redfin found that more buyers are realizing they have to compromise more in order to get the home they want.

By compromise, they mean pay more and accept less.

The Redfin survey revealed that 35% of real estate agents said that buyers are now “willing to pay more” to find a home compared to last summer. An additional 30% of agents said that buyers are more flexible about must-have features and lowering their expectations of what their money can buy.

Good news for sellers, right?

Home for Sale - 7471 Miller Avenue, Gilroy

Three Reasons to Sell Your House Today!

In case you need them, here are three more reasons to get your house on the market now if selling is part of your plan this year.

Part I - Demand for Real Estate is Much Stronger This Year

When selling anything, owners can only hope there is a strong demand for that which they are selling. The great news for today’s home sellers is that the current housing market is experiencing a stronger demand than we have seen in some time. Read the entire article here.

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Part II - Housing Supply is Low

A seller’s ability to sell their home in today’s real estate market will be determined by both the supply of homes for sale and the demand for that housing. In real estate, supply is represented by the current month’s supply of homes for sale (the number of homes for sale divided by the number of homes sold in the previous month). Read the entire article here.



 

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Part III - New Construction Will Soon Be Your Competition

Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. As an example, the National Association of Realtors revealed, relative to last year, year-to-date new home sales are up 19%. Read the entire article here.




 

These articles are from The KCM Blog, A small piece of Keeping Current Matters.

Here's a video from HAFA, the US Government supported housing recovery program. We learned about this by going to http://www.makinghomeaffordable.gov/.

The main page description is: The Obama Administration’s Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.

As is the case with many government programs, this one has not been completely successful - BUT - a few have benefitted. And, if you are in a situation that stresses you constantly, watching this video may help you take action to change things.



If this applies to you or someone you know, contact Team Patereau. We have helped people move on. We can help you too.