LIME REALTY GROUP is pleased to bring you part two of our predictions for the housing market in 2017! Yesterday we talked about how affordability will slow the growth pace of the market. Today we have another prediction…
We think this year will be the fastest market on record. What we mean by this is the amount of time a home spends on the market before going under contract. This year, the average time on the market nationwide is 52 days. That’s the shortest amount of time since the recession.
Now don’t confuse this with the amount of time it takes to buy a home. The average time a buyer spends looking for a home is 83 days. That’s 7 days less than last year so the process is certainly speeding up. The reason for that can be attributed to a number of things. First and foremost, competition for properties will make buyers put in offers closer to what they’re willing to actually pay versus a low ball figure they’re hoping to use as a jumping off point for negotiation.
Many agents have reported that their short notice tours have increased greatly. Five years ago, 1 in 3 tour requests were for same day. Now it’s 2 in 3.
Various online activity is also adding to the speed at which buyers are moving. Virtual tours, the ability to check almost everything online and the ability to pre-qualify online helps to streamline the buying process making it faster and easier for buyers to get in the market.
Tomorrow we’ll talk about another prediction, but until then, remember Lime is the clear choice for real estate in the Southern Utah area.