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Real Estate News: Existing home sales data

While the past year has been unprecedented in terms of economic change and a global pandemic, most U.S. home sellers’ experiences were similar to past years, according to Zillow’s latest consumer housing trends report. 

Consistent with the past three years, the typical seller received two offers on their home in 2021, although a significant share received many more. Nearly one quarter (24%) of sellers reported getting four offers or more this year, up 14% from 2020.

The report, based on data collected by Zillow Group Population Science through a national survey of more than 2,000 sellers, found that the median number of offers that fell through remained at zero for the fourth year in a row. 

Most sellers (74%) received at least one offer that was all cash or did not include a financing contingency. This is slightly higher than the 68% of buyers who reported purchasing a home without a mortgage, suggesting that buyers who need financing can still compete with cash offers.

In 2021, 65% of sellers said they received at least one offer that waived an inspection. However, 88% of successful buyers reported getting an inspection before finalizing their home purchase. Only 16% of homes sold underwent no inspections from potential buyers, according to the report, a clear sign that buyers who insist on an inspection are still competitive.

Rising digital options like remote viewings, 3-D tours, and instant offers appear to complement the services offered by real estate agents, not replace them. The report found that 82% of sellers are more likely to use a real estate agent to sell their home than any other resource.

 

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Updated: Boston Real Estate 2021

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Boston Real Estate 

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Real Estate News: Existing home sales data

In April, the National Association of Home Builders (NAHB) posted an article, Home Buyers’ Preferences Shift Towards New Construction, which reported:

60% of people who were looking to buy a home in 2020 said they’d prefer new construction to an existing home.

However, it seems buyers are now shifting their preferences back to existing homes.

The latest Consumer Confidence Survey reveals the percentage of Americans planning to buy a home in the next six months is virtually the same as it was back in March. However, the percentage that plan to buy a newly constructed home is lower for that same period.

NAHB confirms this sentiment in their latest Housing Trends Report. The organization explains that existing homes are now the top preference among today’s buyers. Here’s a breakdown of those findings:Surprising Shift Favors Homeowners: Buyers Now Prefer Existing Homes | Simplifying The Market

Why the shift to existing homes?

There are several reasons why buyer preference is shifting. Here are two that impact purchasers looking to move in now:

  • The process may move faster. Builders may not be able to guarantee when the house will be complete and ready for move-in due to supply chain challenges with materials like lumber and appliances. If you buy an existing home, not only is it ready, it also likely has a refrigerator, range, and other necessary home appliances already.
  • There are no unexpected costs during the buying process. With the price of land, labor, and lumber being so volatile, many builders are including an escalation clause in the price negotiation to cover rising expenses. With an existing home, the final price you will pay is negotiated upfront.

Boston Condos and the Bottom Line

If you’re a homeowner looking to sell, your house is more attractive to a greater number of buyers as compared to earlier in the year. This might be the time for us to connect to discuss the possibility.

Boston Condos for Sale 

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Real Estate News: Existing home sales data

CNBC’s Rick Santelli and Diana Olick break down the data for existing home sales. A mixed bag of news on the real estate front.

Boston Real Estate for Sale

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