![]() “Inventory remains at historic lows and buyer demand is spilled over from last year as many buyers have been unable to purchase a home,” observes Matt van Winkle Owner of RE/MAX Northwest Realtors, Seattle. Seattle is another ultra-competitive market. "Although this has existed for almost three years, 2018 will be the first year we will see limited inventory, rising home prices and an increasing interest rate environment which directly impacts the long-term costs for buyers." Kerron Stokes, Managing Partner, Resource Group at RE/MAX Leaders in Denver, reports on what buyers face this Spring. Seattle hit 28 while Denver came in at 30 DOM. Hot markets reported considerably fewer DOM with San Francisco garnering the fewest at 20 for March 2018. A solid indicator, Days on Market (DOM) the average of 54 metro areas for homes sold in March 2018 was 60, down four days from March 2017. The report (which tracks March 2018 numbers) showed housing prices continued to rise year-over-year for the 24th consecutive month. We’re keeping an eye on a number of factors like the pace of single-family home construction and mortgage applications to better predict how tight the housing market could get." "This Spring home buying season is one of the most competitive we’ve seen in years, as the demand for homes continues to exceed supply in most regions of the country. In some markets baby boomers are competing with Millennials for the same properties, Hale adds.Īdam Contos, CEO of RE/MAX which recently issued its April 2018 RE/MAX National Housing Report, looks at this Spring’s market from a national perspective. The result is not only do Millennials have fewer housing options, baby boomers looking to downsize also have limited options.
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