While the Market Stays Hot, Some Buyers are Cooling Off

The real estate market hasn’t shown any signs of slowing down. However, buyers are showing signs of hesitation regarding placing offers on homes.

The number of buyers who have opted to tour homes has stayed at a constant rate through May and June. However, the number of offers made by these buyers decreased by 11%. So why are buyers touring homes and not making offers?

With inventory as low as it is, many who are interesting in purchasing are turned off by the current market value of properties for sale. The prices of homes for sale has been on the rise is many metropolitan areas across the country.

With the Seattle market maintaining appeal, homes in the area continue to sell for higher prices. As inventory decreases, home prices continue to skyrocket. This cycle of being a desirable market has made home purchasing even more competitive. Recent reports have shown that the market will continue its upward journey. It is expected that buyers will face more competition and perhaps higher prices.

The Sotheby’s International Realty network allows buyers optimal access to homes across the world. With exposure amongst company affiliates, buyers who choose our brand can be assured that their home buying experience will be enjoyable from start to finish!

If you have any questions about purchasing or selling please don’t hesitate to contact me for any real estate needs.

To read more about this topic, see the full articles courtesy of CNBC and The Seattle Times.