Buyers in a Rush; Sellers, Not So Much

Posted: April 18, 2013 in Arroyo Grande, California Real Estate News, Grover Beach, Nipomo, Oceano, Pismo Beach, Rancho Grande, San Luis Obispo

The biggest challenge for home buyers this season is the lack of inventory, which is down 20-25% year-over-year and near its lowest level since before the housing bubble. Our consumer survey shows that people think now is the time to buy, not sell: 75% of respondents agreed with the statement “it would be better to buy a home now than one year from now,” but only 32% of respondents (and just 29% of current homeowners) felt the same way about selling now rather than one year from now.

Eager buyers, patient sellers: people want to buy before prices rise further, but no one wants to sell at the bottom–especially if they’re still underwater. These attitudes point to a 2013 housing season with bidding wars and stiff competition among buyers who want to get ahead of further price increases.

On the rental side, too, inventory remains tight: Census data show rental vacancy rates also near a 12-year low. So whether they’re looking to buy or rent, house hunters in 2013 will feel like they don’t have the luxury of taking their time and holding out for the perfect home. Many will need to act fast – and some will make decisions that they could regret later. With that in mind, we asked current homeowners and renters about their housing regrets; their answers are lessons for today’s house-hunters.

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