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Home / Blog / Buying a Home / Realtors Optimistic About The Housing Market Going Into 2018

Realtors Optimistic About The Housing Market Going Into 2018

December 21, 2017 By Mary Catchur

Realtors Optimistic About The Housing Market Going Into 2018The majority of Realtors polled think the housing market will be strong going into 2018, according to the Realtors Confidence Index (RCI) in September 2017.

The Survey

In the September RCI survey, researchers gathered responses from over 2,000 Realtors in the United States. The survey included information about confidence levels, market conditions, and recent sales trends. Ratings by Realtors of 50 or above are positive.

When asked about the six-month outlook on single-family, detached properties, Realtors responded with an average of 65, indicating that most Realtors are confident in the housing market.

However, that wasn’t all they are confident about. Realtors also indicated they are confident about buyer and seller traffic (rising one and two points this year, respectively).

There are statistics to back up these anecdotal opinions as well. The survey found that nearly 73% (up from 63% last year) of contracts were settled on time, in the month leading up to the survey. In addition to settling on time, houses are sitting on the market for a shorter period of time. While homes sat on the market for 38 days last year, they’re now off the market in just 34 days this year.

The Realtors also weighed in on what they think might be holding the housing market back at this time. The number one response to this question was concern over low inventory. A few of the Realtors also expressed concern about the impact of hurricanes on the housing market in Florida and Texas.

Information on Buyers and Sellers

The RCI survey further revealed some interesting and useful information about buyers and sellers.

One of the most popular strategies that sellers are currently using is to offer incentives to buyers. Nearly 20% of sellers offered an incentive for people to purchase their home, which includes paying closing costs, finishing a remodeling project, giving a warranty, and providing appliances.

The survey also found that:

  • 29% of homes sold were to people buying their first home in September.
  • 15% were buying vacation and/or investment property.
  • 20% of sales were cash sales.

Future Home Purchases

At the moment, the future of the housing market looks strong. Along with this, homes are closing more quickly.

For buyers who will finance their home with a mortgage, it’s more important than ever to:

  • Be pre-qualified for a mortgage before shopping for a home.
  • Have their finances in order, including the funds needed for the down payment and closing costs.
  • Have documents assembled to move through the loan process quickly.

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Marimark Mortgage

Marimark Mortgage is based in Tampa, Florida, and serves the mortgage needs of homebuyers and homeowners in all of Florida, Virginia, and Pennsylvania.

We specialize in conventional home mortgages, FHA, VA, and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.

To get started with a mortgage to buy your next home, or to refinance your existing home, please fill out our Quick Mortgage Application, or contact us direct.

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Filed Under: Buying a Home

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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