Realtor survey points to expected increase in buyer traffic MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 The market outlook from the latest National Association of REALTORS® (NAR) Confidence Index Survey increased slightly for buyers but was flat for sellers, the group said. The monthly sampling of Realtors found that sixteen percent of respondents expect a year-over-year increase in buyer traffic in the next three months, compared to thirteen percent both one month ago and one year ago. On the other hand, seventeen percent of respondents expect a year-over-year increase in seller traffic in the next three months, the same level as one month ago and one year ago.

 In July, twenty four percent of homes sold above list price, down from twenty nine percent in the preceding month and thirty five percent a year earlier, and sixty two percent of respondents reported that properties sold in less than one month, a decrease from sixty five percent a month earlier and seventy four percent in July 2023. Homes listed received an average of two point seven offers, compared to two point nine offers the month before and three offers a year ago. Due to the lack of housing inventory, the pace of the market and the increased use of technology, eight percent of buyers purchased a home based only on a virtual tour without physically seeing the property.

 This level was essentially flat from seven percent a month before and nine percent a year ago, NAR said. First-time buyers represented twenty nine percent of buyers, unchanged from June and down slightly from thirty percent in July 2023, while twenty seven percent of buyers had all-cash sales, compared to twenty eight percent the previous month and twenty six percent a year earlier. Inspection contingencies were waived by twenty percent of buyers, while twenty two percent of buyers waived the appraisal contingency.

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