Availability of Homes Taking Precedence Over Location For Homebuyers
Home buying in 2018 has turned out to be relentlessly more complex with consistent decreases in availability and continued price increases, as indicated by an analysis from Realtor.com that identified a shift in buyer activity. The report broke down a great many perspectives to Realtor.com’s site covering the 100 biggest metropolitan regions in the final quarter of 2017 compared to 2016 and identified a major trend: affordability and availability over location.
The analysis basically centered around metro’s inbound to outbound ratio, which was defined as the ratio of views to that metro from other metros with notable interest from more costly markets to more affordable close-by markets.
The report found shifting interests included request for properties in smaller cities such as Bakersfield and Fresno as compared to their more costly Californian counterparts such as San Francisco, Los Angeles, and Sacramento.
On average the metropolitan areas with the most inbound views had a median listing price of $291,000 compared to the $521,000 of areas such as San Francisco, New York, Washington, D.C., and Seattle.
Home buyers instead centered their searches around more affordable areas outside of major metropolitan regions where markets with the highest overall interest were more reasonable, had higher expected work development, and more available inventory than the markets they receive their inbound views from, the report noted.
Another contributing factor in this shift was the significantly lower inventory available for buyers in these major metros.
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Source: LAFFEY KNOWS