Realtor Magazine reports that economic insecurity is still the greatest barrier to people purchasing a home. Anxiety about employment, income and all of the other factors that go along with that are causing people to be uncertain about purchasing new houses. This hindrance is still a serious one for many potential homebuyers, though the financial outlook has improved over the last couple of years and the realty market may soon indicate as much.
Selling their currently owned properties is one more reason that some people are holding back on buying a new home, according to Realtor Magazine. This, however, may be one aspect that is about to change in the North Phoenix realty market.
Over the last couple years, people have seen home prices go up and bidding wars erupt over properties repeatedly. For those who have been uncertain about purchasing a new home because they were concerned about being able to unload their old home before doing so, this care may in the very near future be one with which they no longer have to worry about. Not only have bidding wars over real estate become more fierce over the last year, the price ranges at which bidding wars have erupted have steadily risen, exhibiting that demand has increased across all levels of the market.
Realtor Magazine also disclosed that obtaining financing is a major concern amidst likely homebuyers. Again, this may be about to disappear as a major hurdle. According to the same reporting, over 60 percent of homebuyers reported that obtaining financing was an issue in 2010 and 2011. Thus far, in 2012, fewer than 50 percent of people are saying that obtaining financing is a extreme concern for them and now report that financial uncertainty is more of a concern.
The Real Estate Buyer's Agent Council recently communicated the results of a survey where buyers agents communicated that there was a 59 percent increase in buyer inquiries pertaining to houses in comparison to the same time last year. Combined with the fact that real estate is still going for very affordable prices and the fact that mortgages are available at very low rates, the above listed deal killing factors for homebuyers may be about to change drastically. With the realty market improving, the overall economy improving and low interest rates being the norm, buying a home in the current real estate market is a very intelligent move economically for those who have been looking for a new house.