The National Association of Realtors® has released the first quarter results of their Housing Opportunities and Market Experience (HOME) survey. In the survey a sample of U.S. households was surveyed and was asked questions about real estate trends, including current renters and homeowners’ views regarding homeownership, experiences with the mortgage market, whether or not is it a good time to buy or not, etc.
So far in 2016 the survey showed that over three-quarters of the surveyed households would purchase a single-family home if they were to buy in the next six months. Most renters claimed they would buy outside of an urban area, but most renters (especially in the West) are losing confidence in their purchasing power with the increase in prices. These results show us that there is a need for more supply of single-family homes. The low supply is driving prices up radically. Read all of Adam Desanctis’ Article to find out more about the survey results.
We are definitely experiencing the upward trend in pricing here in our local Flagstaff market. Low inventory is low, creating a lot of multiple offer situations, and often driving the prices up. The Flagstaff Elite Team is constantly trying to keep you informed on what is happening nationally and how it affects our market here. Whether you are selling or buying we are here to advise you. Don’t hesitate to give us a call at (928) 714-0001.