Nearly half of all homeowners able to sell their properties
Posted on Thursday, April 24, 2014 at 7:19:09 AM
The real estate market has recently had its fair share of ups and downs, and fluctuating residential financing rates and a shortage of inventory have constricted some buying and selling behavior.
According to Redfin, nearly half of U.S. homeowners surveyed are currently in a position to sell their homes. This relatively even split is related to low equity, a high number of real estate investors and many new buyers who want to hold onto their properties for a longer period of time. In addition, a lot of people purchased using low residential financing rates, further motivating them to stay put for the time being.
To further compound the issue, a lack of inventory has increased the frequency of bidding wars, Redfin noted. For example, more than 63 percent of Redfin's offers in 19 markets dealt with direct competition.
In addition, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced that new single-family home sales were down in March compared to February. That seasonally adjusted annual rate was only 384,000, 14.5 percent below the previous month's rate of 449,000. The median sales price in March was at $290,000, while the average price was at $334,200.