Despite Changes to Homebuying Market, Prospective Homebuyers Still Determined
Happy end of July from your friends at Premier Title Agency. It sure has been an entertaining summer for all of us, though it feels like it’s zooming by. As you know, Arizona real estate has been busy all year, and it is only getting increasingly active as more and more people are joining the hunt for houses. Even in this seller’s market, there are still many prospective buyers out there.
Low supply was already an issue before the pandemic and remained to be one a year into our new normal. Despite changes to the housing market, there are still things to be hopeful for. People are determined to buy a house, nonetheless. According to a survey from Point2, the share of very committed respondents to buy a home is 48% in 2021, a 19% increase from 2020.
The problem here has nothing to do with a lack of determination. Unquestionably, people are eager to find their perfect home, even with the added obstacles imposed by the pandemic. Overall, 50% of the 2,600 respondents nationwide said they were determined to buy as soon as they find the right property. Only a small percentage of respondents said they stopped searching for a new house. This is good news for the homebuying market since there is room for growth.
Our Realtor friends may feel more encouraged since more than half of respondents were confident that the steep price hikes would not be a problem. Though there may be increased difficulty in the 2021 home buying process, unquestionably people are pushing through this year’s changes.
Realtors say that while they noticed a drop in buyers’ interest and activity, there was an equal amount of respondents stating how house hunters had intensified their efforts.
The main concerns with buying a house are the higher prices and the low supply of homes on the market. This may create some struggles, but the equal amount of positive responses should ease worries going forward. High prices and low inventory certainly isn’t a new problem in the Valley of the Sun and other Arizona markets, and there has been an uptick in listings lately.
Our PTA team is here to offer advice and help as we all venture through these exciting and, sometimes, interesting times in the real estate industry. It’s what makes us the experts you need and partners you can trust when it comes to your title and escrow needs. Reach out to one of our local offices today!