The majority of Realtors polled think the housing market will be strong going into 2018, according to the Realtors Confidence Index (RCI) in September 2017.
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.
Low Down Payment Mortgage Options
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 with HARP refinancing to lower their monthly mortgage payments.