Early home buyers are mindlessly landing in a tough market for the realities of America’s home buying supply.
The Covid 19 pandemic overvalued the housing market as buyers urgently seeking more space flooded the market, lured by low mortgage rates. This is due to the usual dynamics of housing expansion: many millennials reached their 30s and wanted houses that could house a growing family. Amid a historic shortage of properties for sale, the result has been bidding wars and record prices. Reason enough to change a prime buyer’s experience. The professional work of real estate agents turns into a marathon race to find the ideal location to help a client successfully achieve that first achievement of buying a property for the first time.
Just under half of first-time buyers and more than one-third of prospective buyers got a higher deal than their dream home or found they could not afford it, according to a recent survey by realtor.com® housing. About a fifth of these buyers made five or more offers on different properties before one was accepted, an absolute insane for today’s market. The US market is experiencing historic real estate demand and the short-term future tends to improve. The customer service capacity of Experienced Brokers is put to the test, our teams of agents work tirelessly, seeking to generate better Offer options every day.
For first-time buyers, this market situation means that having your financing and budget together is essential to keep up with the housing supply market.
According to Realtor.com, about 47% of first-time buyers were ready to buy, but their budgets increased more than they thought. Even some in a high financial position had to settle for what they were not looking for in a home and its location. About a fifth were forced to search lower-cost neighborhoods. Another fifth spent more than they had originally planned, and almost the same number gave up some of the features they were looking for the ideal home according to their tastes and desires. These included things like a covered garage, a spacious backyard, a well-adapted basement, and a swimming pool. Additionally, many other potential first-time buyers did not complete their home loans on time and their plans were postponed. Quite a challenge for this wonderful real estate Industry, which every day brings more strength to the country’s economy.
Miguel Rodriguez Broker / CEO