Spring Home Buyers Expect Less Competition
Last year, the big housing market story was the lack of homes for sale. With inventory down in most markets, home buyers had a lot of competition for the houses that were available. But, since then, the number of homes for sale has been climbing. And, according to a recent survey of potential home buyers, competition is no longer as big of a concern for hopeful home shoppers. In fact, there was a 10 percent drop in the number of respondents who expected to face competition when looking for a house to buy. That's good news for prospective buyers. After all, competition can lead to bidding wars, which can drive prices higher. So, what concerns buyers this year? Well, with nearly 50 percent of participants saying they wanted to find a house under $200,000, prices and affordability top the list. Of course, finding a house that doesn't break the budget is always important to buyers. But, in today's market, where there are more homes for sale on the high end of the market, buyers worry it may take a little longer to find a home that fits both their needs and their price range. More here.