Pessimistic Home Buyers
Pessimistic home buyers find limited supply and high prices while looking for a new home. According to a recent survey by Fannie Mae, buyers are the most pessimistic in a decade and moderate income buyers expressed the most frustration. These are buyers with household income between $50,000 and $100,000. Winning Mortgage, Winning Home provides examples of home buying steps and analysis for all income ranges, but thorough discussions for this group of potential buyers. With $69,000 being the median income in the US, this demographic may dominate as first time buyers.
Currently, homes stay on the market less than 3 weeks on average, about half as long as last year at this time. About half of sales occur within the first week of listing. Almost 50% of those sales went for the list price; again almost double the rate from a year prior.
We discuss the advantageous home buying window in prior posts as well as the froth in the market and factors driving price increases. Don’t let FOMO drive your decisions. It’s important to make sure due diligence, inspections, and proper consideration be given to a purchase. Escape the Fear Of Missing Out; don’t become one of the pessimistic home buyers. Plan, put the plan in motion and remain optimistic from that plan. Winning Mortgage, Winning Home is a good start for that plan.
