The National Association of REALTORS® (NAR) conducts a survey that gathers monthly information from REALTORS® about local real estate market conditions, characteristics of buyers and sellers, and issues affecting homeownership and real estate transactions. Check out some of the results from the survey below!
Characteristics of Buyers and Sellers
First-time buyers accounted for 29 percent of sales in September of 2017 compared to 34 percent in September of 2016. Twenty percent of sellers in September of 2017 offered incentives such as paying for closing costs. These incentives include paying for closing costs, providing a warranty, undertaking remodeling, and providing appliances.
Issues Affecting Buyers and Sellers
From July-September 2017, 73 percent of contracts settled on time compared to 63 percent in September of 2016. Amond sales that closed in September 2017, 87 percent had contract contingencies. The most common contingencies pertained to home inspection, while others included obtaining financing and getting an acceptable appraisal.
REALTORS® reported "low inventory" as the major issue affecting transactions in September 2017 in addtion to concerns regarding the hurricanes' impact in Texas and Florida.
Below are some charts and statistics reported from survey questions. Check them out!