With inventory still historically low and the desire to purchase high, today’s buyers are getting creative and waiting longer to find the right deal. Here’s a breakdown of how the new numbers are stacking up, according to the National Association of Realtors:
-46% of buyers had to expand their search area because of a lack of listing inventory.
-Home buyers are now searching an average of 12 weeks to find the right home
-91% of buyers are using a real estate professional to increase their odds of finding a home.
-92% of buyers are starting their search for a property online
-38% of buyers took a break from their home search as they waited for new listings.
-42% of buyers first saw the home they purchased on the Internet.
-34% of buyers heard about their home from their real estate professional
In April 2016, the average price for a single family home rose 5% in the western suburbs of Cuyahoga county compared to April of 2015. More importhanley there are 19% less home for sale and 29% less new home listed in the first 4 months of 2016 vs 2015 which is driving prices up again this year. NOW IS THE TIME TO MOVE!
The Bottom Line:
Savvy buyers are turning to real estate professionals and resources to find their home. It pays to stay INFORMED. Sellers that choose the Ed Huck Team to market their home net an extra $4000!!! (on average) Call us today to learn more.