A survey conducted by Harris Interactive and released by Century 21 Real Estate LLC this week reveals a dramatic reversal in previous years’ buyers’ market status. A current lack of inventory is producing a surplus of offers in many markets, giving brokers and REALTORS® a welcome opportunity to help sellers off the fence and into the market with confidence.
The real estate leader’s spring home selling survey, conducted online among 2,058 U.S. adults (18+) in May, 2013, revealed that 33 percent of people currently searching for a home have been on the hunt for more than a year, and that the vast majority of them are willing to negotiate with sellers and make compromises to find their next home. In particular, prospective homebuyers are willing to compromise on popular amenities and their home’s location.
From Florida to California, leading brokers in real estate hot spots we spoke to this week supported these findings.
“In Florida, we have been experiencing very tight inventory and in some markets less than 3 month’s supply,” said Rei L. Mesa, president and CEO of Prudential Florida Realty. “The lack of inventory and positive consumer confidence is driving multiple offers on the available resale inventory. The residential rental markets are at near record low vacancies with rental rates increasing. Approximately 30-40% are all cash deals