“Real-Time Home-Buyer Tracker” a survey done by Redfin, “shows a shortage of inventory and rising prices—both of which naturally benefit sellers—are creating frustration for buyers trying to get in on the ground floor of the housing recovery.”1
Low interest rates are still the driving force behind the high demand for housing; however, the lack of available homes on the market translates to higher prices consumers have to pay.
Some respondents to the survey expressed concern for the increased asking price and worry that it may be premature but the majority of them expressed renewed confidence in the housing market recovery even if it meant that current prices are forcing them to re-evaluate their ideal price point.
Although many buyers are feeling the pinch, few of them said they were going to back down on their intent to purchase a home during this start to the housing market recovery in spite of increasing prices.
For sellers, this translates to good news especially those that are targeting buyers who have not secured bank financing. These sellers have the advantage of getting a higher price than in the last year or so and also reap the benefits of monthly cash flow. When structured properly and documented professionally by an experienced real estate attorney, offering owner financing on the sale of a property can mean a win-win situation for all the parties involved.
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This information is intended to be used as a general guide. It is not intended to constitute legal advice and is not a substitute for the advice of an attorney. While every effort has been taken to present the information accurately, this document may not be infallible. No warranty is made that these materials are current, complete, accurate, or suitable for any particular purpose. You should seek advice from your attorney before proceeding with any real estate transaction.
Source(s):
1. Survey: Inventory Shortage Frustrates Buyers, Tory Barringer, 03/01/2013, DSnEWS.COM, http://www.dsnews.com/articles/survey-shortage-of-inventory-creates-frustration-for-buyers-2013-03-01, RETRIEVED 03/07/2013.
