It’s official: the buyer’s market is behind us. With the market improving, the real estate industry is abuzz with positive news every day. While increasing prices and multiple offers may be a dream for a seller, it may be a nightmare for a buyer.
“The latest Homes.com Local Market Index continues to show encouraging trends, with pricing gains month over month and year over year,” says Brock MacLean, executive vice president of Homes.com.
“Adding to this momentum, the ‘Homes.com Rebound Report’ reveals how the housing recovery process is unfolding across the country, measuring how far each market has recovered from its peak to its greatest drop in index value,” adds MacLean. “The latest Rebound Report indicates 14 of the top 100 markets have fully recovered from the 2007 Great Recession, up from nine as reported in the previous months report.”
More and more hopeful homeowners are entering the fold, but with markets across the country showing scant listing supplies, and investors purchasing multiple properties at once, it’s becoming increasingly difficult for buyers to beat out competition and successfully land a home. Many homes are receiving multiple offers, and the once forgotten bidding wars are becoming a commonality again.
These struggling buyers aren’t what you’d expect: those with a shaky credit history or a former foreclosure. Most of these buyers are well qualified, and yet still searching for a home for months, and possibly even years.