In a possible attempt to avoid the rush brought about by the spring and summer home buying seasons, a considerable increase in consumer activity was recently exhibited during March.
According to the online real estate broker Redfin's Real-Time Demand Pulse, the number of consumers which took housing tours last month hiked 9 percent from figures recorded in February. In addition, the amount of individuals submitting purchase offers rose 22 percent month-over-month. These substantial improvements are believed to be due to the increases in consumer confidence, and magnified by the real estate records of widespread shortages in inventory levels nationwide.
A reported rise in the occurrence of flash sales - when a residential home is sold within 24 hours of being listed on the market - was recently observed by Redfin agents, and they noted their expectations to see home sale prices continue to appreciate in coming months. During March, 75 percent of all offers written by organization representatives faced bidding wars, which supposedly drove prices up significantly.
American consumers report heightened faith in housing market
As increases in home prices and sales figures have been observed repeatedly, and affordable mortgage records continue to be seen, individuals nationwide have been feeling more confident in the stability of the housing market and overall economy.
A recent survey released by Mayflower showed nearly half of all Americans feel more comfortable with the idea of purchasing property today than they did at any point during the past five years. Nearly a third of respondents reportedly said they are ready to make a move now or in the near future. Additionally, the number of residential moves recorded during the first three months of this year saw a 16 percent hike from the amount exhibited in the first business quarter of 2012.
This fact may be the most telling of the rising possibility of strong spring and summer home buying seasons, as the months between January and March are commonly the slowest for sales all year. Housing industry professionals may subsequently be seeing their schedules becoming increasingly busy.
"Moving is one of the most stressful and overwhelming times in a person's life," said Carl Walter, vice president of Mayflower. "We are ready to respond to the surge of moves with services, features and technology that make moves hassle-free and uncomplicated."
A reported 49 percent of survey respondents said they had put off a move in the last five years, largely because of the national economic climate and declining housing market. However, as conditions continue to improve, those consumers may begin to at last pursue homeownership at last.