Four Reasons Home Buyers Should Be Happy

Dated: 06/30/2014

Views: 718

DAILY REAL ESTATE NEWS | MONDAY, JUNE 30, 2014

Home shoppers may find there’s good reason to breathe a sigh of relief this summer, according to the real estate brokerage Redfin. They pointed to higher inventories, fewer bidding wars, and slowing home prices as welcoming signs for home buyers this year.
Find out what buyers want most, region by region.
In particular, home buyers this summer are finding:
  1. More options: Inventories of existing-homes are 6 percent higher than year-ago levels—currently representing a 5.6-month supply at the current sales pace, according to May housing data from the National Association of REALTORS®. The higher inventory levels of homes for-sale means that buyers have more choices this summer.
  2. Less competition: As inventories rise, buyers also are facing fewer bidding wars. Bidding wars are down by double-digit margins in many markets this year, according to Redfin, which conducts an annual bidding war report. In March, 63.4 percent of offers written by Redfin agents across 19 markets faced competition from other buyers, down from a bidding war peak of 73.4 percent a year prior, according to Redfin’s report.
  3. Price rises are slowing: The median existing-home price for all housing types in May was $213,400—a 5.1 percent rise above May 2013, NAR reports. Home prices rose by double-digits last year. In 2013, home prices rose 11.5 percent over 2012, according to NAR. “Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year,” Lawrence Yun, NAR’s chief economist.
  4. Low borrowing costs: Mortgage rates are averaging about 4.1 percent, less than half the historical average of a 30-year fixed-rate mortgage, which is 8.7 percent, Redfin reports. “For a $500,000 house, this is worth more than $500 a month in mortgage payments,” savings, Redfin notes on its blog.
Source: “4 Reasons Why Homebuyers Can Breathe a Sigh of Relief,” Redfin blog (June 27, 2014)

Phil Mount

Phil Mount is an agent at Front Street Brokers in Boise, Idaho. Phil became a licensed REALTOR in August 2009 after a 25 year career as a technology marketing professional. In his first year as an a....

Want to Advertise on this Site?

Latest Blog Posts

Get Money Back From Idaho Power With Renewable Energy

Renewables and Net Metering(less than 100 kW)PrintIdaho Power's Net Metering tariff allows Idaho and Oregon customers to install small-scale renewable generation projects on their property and

Read More

Free Idaho Power Shade Tree Project

Get your free trees from Idaho Power!  I now have two BEAUTIFUL oak trees in front of my home.  All of your planting instructions come with the trees.  https://www.idahopower.com

Read More

Cozy 3 Bed 2 Bath Single Level Meridian Home

Cozy 3 Bed 2 bath Single Level Meridian Home  1180 W. Kingswood Ct. Meridian, Idaho 836461,352 sq. ft.Contact: Jared Cozby (208) 830-3715  $184,900Perfect cul de sac location

Read More

Upgrades Galore In This Custom Built Home 271 S Barkvine Wy MLS 98666252

Don't miss this one-of-a-kind home!  271 S Barkvine Way, Star  MLS 98666252.  This Gorgeous Home was custom built as the 2014 St Jude Dream Home!!  Located in a desirable Star

Read More