Good news for buyers today! Although it's still a seller's market, there seem to be more moderate sellers this year, which means bidding wars would be lighter. If you're curious to know the updates as you re-enter the market, here are some trends that might just be what you need:
Return of Contingencies
More buyers are realizing the importance of home inspection. According to the National Association of Realtors (NAR), only 27% of buyers have waived on contingency, compared to 30% to 32% last month:
More Sellers Accepting Offers
According to a survey by realtor.com conducted last month, more sellers are accepting offers.
On the infographic below, it shows that in the last 12 months, 20% of homeowners surveyed mentioned that they sold their homes. 34% of those were sold between the months of June and August, which are months that are usually considered the peak of the home buying season. On top of that, 23% of sellers closed a transaction during Spring (February to May), while the remainder sold their homes 6 months prior.
Willingness to Cover Closing Costs
When buying a home, closing costs usually range within 2% to 5%. Prior to the recent health crisis, most sellers would cover the buyer's closing costs just to make the deal more appealing. However, during the pandemic, the demand was so high that this was no longer necessary to do. On the other hand, with the current housing market situation, some sellers seem to bring back this practice.
Overall, today's housing market data shows that things are slowly coming into normalization. Now is a great time for buyers to get back, negotiate, and make strong offers. If you are curious about the home buying process, how to sell a home, or simply how your local housing market is doing, reach out to Realtor® Kyle Kelly or any member of The Island Wide Team to get things started.
Call or Text: 631-831-0912
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Personal Email: KKellyNY@gmail.com
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