If you need assistance, please call 317-590-2901

Home Buyer Advantage Starts Now

Monday, August 29, 2016   /   by Karen McGail

Home Buyer Advantage Starts Now

Buyers had to be prepared to bring their housing A-game this year. Amid tight inventories of homes for sale and a tight lending environment, they’ve needed to get pre-approved for a mortgage, be laser-focused on what it is they want in in order to make quick decisions, and even forgo some contingencies to get the home they wanted.



Read moreHome Buyer Confidence on the Rise



Though active listings likely will fall more (8 percent over last year), the market still may be shifting slightly as the start of the school year arrives and give buyers more bargaining power, writes Jonathan Smoke, realtor.com®’s chief economist in his latest column.


“The real estate cycle has shifted into its slower fall phase, and we see it evident in the median days on the market,” Smoke says.


Active listings remained on realtor.com® a median of 65 days in May and June. In August, however, that is expected to reach 72.


“Demand follows a more extreme seasonal pattern,” Smoke notes. “The busiest month on average is June, and June has almost 75 percent more sales than December, the slowest month of the year.”


Weather can be a big culprit behind that trend. In some colder areas, winter can make it more difficult to buy a home, but the school calendar also plays a big role for many families. Many families don’t want to move when the school year is still in session.


In any case, “from now until January, buyers will have more inventory available relative to each sale with each passing month,” Smoke writes.


The very best month that tends to work the most in buyers’ favor: January, says Smoke. On the other hand, the cycle will likely shift again to favor sellers starting in February, he adds.


“When the cycle favors buyers, prices weaken and inventory sits longer,” Smoke notes. “So even in a tough ‘seller’s market’ like this one, the cycle can be your friend if you are willing to buy when others aren’t as interested.”


Source: “Attention, Home Shoppers: You Now Have More Leverage,” realtor.com® (Aug. 25, 2016)

eXp Realty
Carlos Higareda
9465 Counselors Row
Indianapolis, IN 46240
317-590-2901
Indiana Luxury Property

The source of the Licensed Listings is BLC® listing service. The Licensed Listings are confidential information of BLC® listing service. The BLC® listing information is provided by the Metropolitan Indianapolis Board of REALTORS® from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2024 Metropolitan Indianapolis Board of REALTORS® All Rights Reserved. The information provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
This site powered by CINC: www.cincpro.com