Low inventory and rising prices forces buyers to become less picky

We are still short on inventory, and rising home prices have made it difficult for first-time buyers to purchase. In a recent article for the Washington Post, Bright’s David Charron discussed the current state of the real estate market in the Bright footprint. He said that despite some struggles facing buyers looking to enter the market, many real estate professionals in the area remain optimistic about how this year will turn out. These agents shared their thoughts with us in a recent Bright MLS survey.

 

Survey says…

Our annual survey of local real estate professionals asks for their opinion about both the forces affecting our market, and this year a full 63 percent said they expect this year to be a busier—and more positive—market than last year.

The top reason cited by agents was the improved job market. There have been improvements with hiring as well as raises and cost of living increases, which can have a positive impact on the housing market.

Agents in the Bright MLS area also said there has been an increase of first-time home buyers as well as an increase in more qualified buyers.

 

In the survey, real estate professionals also mentioned that buyers have become more flexible when it comes to their must-have lists. When looking for a home, buyers are more willing to get a home that needs a bit of work or even one that isn’t in their ideal location.

Optimistic outlook

While we are firmly in a seller’s market, there are signs that this will be a good year for buyers as well. We will see how the year plays out, and if agents are right to keep their optimism.

For the full Washington Post article, click here.

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