The spring real estate market is in full swing. Sellers have begun the process of listing their homes with the hopes of a quick sale. Buyers search listings, schedule showings and begin to decide on a home to purchase. So far, in 2019, it appears home buyers are making the decision on which home to purchase faster than they were last year at this time.
In fact, a study completed by Redfin, revealed that in 2019 buyers’ time to close is three days less than in 2018. According to an article published by the MReport, “Some of the factors responsible for home buyers being able to close on their homes faster in 2019 compared to previous years included, a rise in housing supply, a slower growth rate of home prices, and a less competitive market, according to Redfin.”
The fact that the supply of homes for sale has increased and there are more buyers than sellers often means that sellers will accept the first offer they receive. Unfortunately, some sellers just have to wait longer to receive that offer while competing against a larger number of other sellers. The article reports that homes are spending about two days more on the market compared to 2018.
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