"The recovery has transformed the mindset of many buyers and sellers who grew accustomed to the buyers' market we saw for years," said Rick Davidson, CEO of Century 21. "Buyer confidence is building back up and demand is strong... sellers are now in a more favorable position." (Source)
33% of Americans have been home hunting for over a year and with that timeline in mind, many are willing to make compromises on where they ultimately end up living and even the type of home they choose just so they can close the deal. On top of this, only 2.16 million homes are for sale on the market, down 13.6% from a year ago. 42% of buyers have placed offers in the past 6 months with only 11% of these being accepted.
What does this all add up to? The seller’s market has fully rebounded and they are now in the position of power in the transaction. How long with conditions stay like this? No one really can say. Every trend shifts back to the other side… it is all just a swinging pendulum.