First time home buyers and home sellers were recently surveyed and more than 80% of them believe now is a good time to buy a home. Joe Manausa Real Estate conducted its First-Time Home Buyers and Sellers Survey, which captured and compared the opinions of prospective home buyers and sellers who either purchased or sold their first home within the past year or are planning to buy or sell their first home within the next year.
More than 80% of first-time home buyers and sellers feel the current housing market is more affordable today than this time last year, despite the fact that 40 percent of all respondents are more worried about the economy compared to this time last year.
While the attractive combination of home prices, mortgage rates and tax credits appeal to both buyers and sellers, market conditions continue to favor buyers. In Tallahassee alone, the current supply of homes for sale exceeds a year's worth of inventory at the current rate of sales. However, first-time home buyers anticipate home prices will soon begin to rise and in fact, about half of first-time buyers (48 percent) expect an increase by this time next year, thereby reestablishing the balance between buyers and sellers.
“Today’s market presents a generational opportunity for home buyers and current home owners looking to leverage their market position,” said Rick Davidson, president and CEO, Joe Manausa Real Estate Real Estate LLC. “If you are considering buying or selling a home, talk to a real estate professional who can help you to navigate the specifics of your local market.”
Sixty (60) percent of first-time home buyers do not feel they have a good handle on the real estate process. Given the complexity and opportunity of today’s real estate market, 85 percent of both first-time buyers and sellers feel that using a real estate professional is important. The top three skills valued in realtors by both buyers and sellers are knowledge of the area, trustworthiness and responsiveness.
“Buying a home, while an emotional process, is the single greatest financial decision that most people will make in their lifetime,” counsels Davidson. “By providing real-time, ‘feet on the street’ local market intelligence, Joe Manausa Real Estate agents take the guesswork out of the process and provide the expertise necessary to help home buyers and sellers make smart decisions.”
The majority of the Joe Manausa Real Estate survey respondents have moved or intend to move more than 10 miles but less than 50 miles from their previous location, indicating current market conditions may be a catalyst for buying or selling homes, as opposed to a desire to dramatically change geographic location or relocate for a job.
Much like the conditions in the Tallahassee housing market, these respondents observed that market conditions everywhere favored the buyer, so long as the buyer had great guidance in what was priced well, and what was overpriced.
Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.