Latest Realtor® Survey Shows 2016 a Home-Buying War
Many buyers were frustrated when last year's market displayed an appalling deficiency in available homes for sale. With heavy competition from more home investors in a poorly-stocked real estate market inventory, many were put off in buying a home. This year, the people who were unsuccessful in finding a property to purchase in the last home buying season will join a larger group of home buyers. Analysts are expecting things to be very chaotic in the spring and summer home buying season this 2016.
A recent article published by Realtor® discusses 2016 as the busiest spring buying season the United States has seen in a decade. And with sales data from a study conducted by The National Association of Realtors, it's easy to see how much competition there is in the current market. Home sales in March increased 5% from February with substantially shorter DOM's for active listings.
Web Traffic Data Tells it All
Studying the website traffic of Realtor® also gives insight into the demand of home buyers in the remaining months for spring and summer. Website data shows that web visitors looking to buy a home account for 74% of their traffic, showing a 3% increase compared to last April's data. With a larger number of traffic and higher share of buyers, the association has deduced that the number of potential buyers looking around in the market have greatly increased.
The survey conducted by Realtor® has also discovered that the buyer pool for 2016 represents a diverse range of individuals-- some are serious buyers with short-term intent, while there are the first-timers who are just starting to explore. With 51% of buyers in the pool having the intention to purchase within the next six months, it is definitely going to be a home buying war this 2016.
2016 Home Buying Challenges
As much as the real estate market would like to keep up with the demand of home buyers, it is apparent that the challenges that existed last year are still here. With an ever-present issue on supply and demand, the percentages of buyers that report the following issues as home buying challenges are basically still the same: Current survey data shows that 41% of buyers have yet to find a home that meets their needs; 30% of buyers report to not being able to find a home within their budget, and; 30% of buyers indicate that they are new to their home search and still need time to get ready.
Home Buying Millennials are 'At It'
Current survey data shows a substantial increase in the number of millennials looking to buy a home. Young adults ages 18 to 34 make up 34% of the serious buyers today. That's an 8% increase from last April's 26% share. With an estimated 45% of home buyers regarded as serious buyers from today's buyer pool, that's a lot of millennials working to tip the scales of the real estate market shares.
To read more about the survey conducted by Realtor® and how things are gonna get crazy this buyer's season, you may access the original article written by Jonathan Smoke here.