{"id":3264,"date":"2017-04-11T00:00:00","date_gmt":"2017-04-11T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/are-your-buyers-getting-frustrated-yet\/"},"modified":"2017-04-11T00:00:00","modified_gmt":"2017-04-11T00:00:00","slug":"are-your-buyers-getting-frustrated-yet","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/are-your-buyers-getting-frustrated-yet\/","title":{"rendered":"Are Your Buyers Getting Frustrated Yet?"},"content":{"rendered":"

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Consumers are increasingly on the house hunt this spring. Though they’re enjoying solid employment and paycheck gains and in a rush to beat rising mortgage<\/a> rates, they\u2019re also struggling to find a home to buy in many housing<\/a> markets.<\/p>\n

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Read more:<\/strong> New Reality? Buyers Face Fewer Choices<\/span><\/p>\n<\/blockquote>\n

Indeed, the supply of homes for-sale is at a nearly 20-year low. The most affordable homes\u2014those that tend to attract first-time buyers\u2014are in short supply too. Meanwhile, home prices are rising sharply as buyers find themselves competing for the few homes that are for sale.<\/p>\n

Reports are growing of bidding wars erupting across hot markets. For example, seller Kathleen Mulcahy in Seattle says her one-bedroom, one-bath condo received 21 offers\u2014all above the $398,000 asking price\u2014within one week of listing<\/a>. She ultimately accepted a $500,000 all-cash offer<\/a>. But now Mulcahy says she\u2019s forced to put off buying another home because of the scant inventory and the escalating prices.<\/p>\n

About 1.75 million homes were for-sale nationally at the end of February, down 6.4 percent from a year earlier, according to the National Association of REALTORS\u00ae. The supply of homes has dropped on an annual basis for the last 21 months.<\/p>\n

Why is the supply so low? Housing experts point to several reasons. The average time that owners are staying in their homes before selling has doubled to nearly eight years, according to ATTOM Data Solutions. Investors own a larger portion of houses<\/a> and they’ve been renting them out. Between 2006 and 2016, the share of single-family houses and condos owned by investors averaged around 30 percent. Also, builders–faced with rising land costs and a shortage or skilled workers–have done little to ramp up new-home supplies.<\/p>\n

The shortages are prompting home prices to skyrocket. The median sales price jumped 7.7 percent from a year ago to $228,400\u2014more than double the pace of average pay gains.<\/p>\n

Source: \u201cMission Nearly Impossible This Spring: Finding a Home to Buy,\u201d The Associated Press (April 10, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n

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Consumers are increasingly on the house hunt this spring. Though they’re enjoying solid employment and paycheck … Are Your Buyers Getting Frustrated Yet?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":3265,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,62,12908,543,127,617,489,344,3781,408,1295,8752,1007,41,818,645,15282,61],"class_list":["post-3264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-for-sale","tag-home","tag-home-buying-guide","tag-homes","tag-house","tag-houses","tag-housing","tag-housing-markets","tag-mortgage","tag-mortgage-rate","tag-most-affordable","tag-owners","tag-property","tag-real","tag-renting","tag-ross","tag-seller"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/k9Tts72iJas","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2267,"url":"https:\/\/amazingproperty.com.ng\/blog\/bidding-wars-to-heat-up-this-spring\/","url_meta":{"origin":3264,"position":0},"title":"Bidding Wars to Heat Up This Spring","author":"Amazing Property","date":"March 20, 2017","format":false,"excerpt":"Likely to be a hallmark of this year\u2019s spring homeselling season: Bidding wars. As home listings are scarcer and buyer demand remains high, home shoppers are finding a lot more competition this spring, particularly in hot markets like the San Francisco Bay area, Denver, and Boston. Read more: Up Your\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":835,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-crunch-to-hold-in-most-price-ranges\/","url_meta":{"origin":3264,"position":1},"title":"Housing Crunch to Hold in Most Price Ranges","author":"Amazing Property","date":"February 17, 2017","format":false,"excerpt":"[ad_1] Home buyers at many income levels likely will see an inadequate amount of homes for sale in their price range in the coming months, according to a new housing affordability model created by the National Association of REALTORS\u00ae and realtor.com\u00ae. The new Affordability Distribution Curve\u2014which culls data from mortgages,\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7913,"url":"https:\/\/amazingproperty.com.ng\/blog\/housings-state-of-union-pressing-issues-ahead\/","url_meta":{"origin":3264,"position":2},"title":"Housing\u2019s State of Union: Pressing Issues Ahead","author":"Amazing Property","date":"January 26, 2018","format":false,"excerpt":"President Donald Trump\u2019s State of the Union address is slated for next week, but realtor.com\u00ae released its own \u201cState of the Housing Union.\u201d The housing market outlook is looking bright on several fronts: strong buyer demand, particularly among first-timers, and a growing U.S. economy urging more consumers to buy. But\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Realtorcom Housingstateofunion.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/realtorcom_housingstateofunion.jpg?fit=281%2C1200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":723,"url":"https:\/\/amazingproperty.com.ng\/blog\/here-come-59-million-buyers\/","url_meta":{"origin":3264,"position":3},"title":"Here Come 59 Million Buyers!","author":"Amazing Property","date":"February 10, 2017","format":false,"excerpt":"[ad_1] One in four U.S. adults say they are considering buying a home this year, which extrapolates to a whopping 59 million people, according to a recent survey by Bankrate.com. Minorities are expected to be big buyers this year. More than two in five black survey respondents said they were\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1940,"url":"https:\/\/amazingproperty.com.ng\/blog\/real-estate-this-spring-the-early-bird-wins\/","url_meta":{"origin":3264,"position":4},"title":"Real Estate This Spring: The Early Bird Wins","author":"Amazing Property","date":"March 14, 2017","format":false,"excerpt":"Entering real estate\u2019s traditionally busiest time of year, the housing market is being buoyed by a stronger economy and consumer confidence. Job creation is 30 percent stronger this year compared to a year ago, unemployment is near a 9-year low, and wages and incomes are growing at the largest levels\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2442,"url":"https:\/\/amazingproperty.com.ng\/blog\/new-home-sales-jump-6\/","url_meta":{"origin":3264,"position":5},"title":"New-Home Sales Jump 6%","author":"Amazing Property","date":"March 24, 2017","format":false,"excerpt":"Sales of newly built single-family homes posted a robust month in February. New-home sales rose to a seasonally adjusted annual rate of 592,000 units, up 6.1 percent month over month and 12.8 percent ahead of last year, the Commerce Department reported this week. Read more: Buyers Are Being Drawn to\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/3264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=3264"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/3264\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/3265"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=3264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=3264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=3264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}