The housing market is anything but predictable right now. While spring and summer are typically the busiest seasons for buying and selling, this year is already shaping up to be an unconventional one. A recent survey from Bright MLS reveals that agents are feeling the chill.
Buyer Behavior Shifts
More Buyers Are Pausing Their Search: The Bright MLS study, surveying over 1,000 agents, found that 73% had a client pause their home search in the last six months. High borrowing costs and competition from cash-heavy buyers are significant hurdles.
Extended Search Periods: Buyers are spending months on their home search, with affordability challenges and multiple offer situations contributing to longer timelines. About 28% of agents reported that their buyers spent 3-6 months searching, while 24% said their clients spent more than six months.
Multiple Bids: On average, buyers who reached the closing table in April bid on nearly three different homes before securing one.
Seller Sentiments
High Satisfaction Among Sellers: Despite buyer frustrations, 84% of agents reported that their sellers were satisfied with the price they got in April.
Hesitant Sellers: However, 32% of agents had sellers who decided not to sell. The main reasons were difficulty in finding a new home and reluctance to give up favorable mortgage rates.
Seller Concessions: Despite the seller’s market, many offered concessions during April closings:
34% provided a credit for repairs.
Nearly 20% assisted with closing costs.
16% offered a home warranty.
Market Outlook
Mixed Views on Activity: About 46% of agents expect buyer and seller activity to be average over the next three months. However, there is a shift in buyer expectations:
40% anticipate high or very high buyer activity, down from 47% last month.
14% predict low or very low buyer activity.
On the listing side:
43% of agents expect seller activity to be low or very low.
Only 11% foresee high seller activity.
Stay tuned as we navigate these unpredictable times, offering insights and updates to help you make informed decisions in this dynamic market.
