A new report from Realtor.com indicates that the number of listings rose 1.4 percent from June, which is the fifth consecutive monthly rise. In comparison with last year, the number of homes listed for sale has started to increase in some markets. Read the full story
It’s a seller’s market, so experts are advising home buyers that patience will pay off at a time when the inventory of available homes for sale is low. Experts contend that in six months to a year from now, the inventory of unsold homes should improve markedly, and it should be easier to qualify for financing.
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Millennials are increasingly optimistic about residential real estate, according to the most-recent Consumer Outlook Survey by Prudential Real Estate. A full 80 percent of respondents ages 25-34 said their perception of the housing market is “favorable” or “somewhat favorable,” representing a 9 percentage point increase from the Q1 study.
Among all respondents, the national survey also found that confidence in real estate and home values jumped sharply, reaching 83 percent in Q2 compared with 77 percent in Q1.Confidence is highest in both South and West regions at 84 percent.
Among all respondents, 70 percent said that finding the right home and community is crucial to family happiness. Millennials were even more emphatic about the emotional side of homeownership: 93 percent favor a home for “more space for my family,” while only 75 percent view it as “financial security to borrow against.”
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Homebuyers are facing competition from all-cash buyers on top of rising home prices and low inventory. Such cash buyers include foreign investors and baby boomers with sufficient equity. Tips to compete with these buyers include getting pre-approved, making a competitive bid, considering properties that might be overpriced, and freeing up additional cash.
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Sometimes a hand-written letter can make all the difference. Just ask 11-year-old Faith McNeilly, who wrote a letter to a seller as part of her family’s offer on a four-bedroom home in San Marcos, California. In a tight housing market with multiple offers, letters increasingly are utilized as a way to get a leg-up on the competition and make a lasting impression on the seller.
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