Among the numerous reports I study each month is one published by my own association, the REALTORS® Confidence Index (RCI). The report combines market analysis with responses from surveyed agents in the field. If you’re interested in the dry details of the housing market you may find it interesting.
The RCI for May 2013 was recently released, and you can read it or download it below. Summary highlights from the report include:
- Buyer demand continues to be larger than the quantity of proerties coming on the market for sale.
- Realtors as a whole feel the market prospects for the next half-year are strong.
- Prices continue to rise.
- Properties are on the market for shorter times.
- Rising interest rates and insurance costs are a restraining factor on buyers.
- Credit requirements continue to be overly stringent.
It’s true that the large banks are not helping the housing recovery with their over-reactive credit requirements, but the answer is to keep shopping, and my recommended lenders have been managing to deliver financing to my clients.
Buyers today are in a very competitive market, and have to be strong with their financing and putting their best foot forward as homes come on the market. But just because it’s a race doesn’t mean to lose hope. As I tell my clients, someone has to win every race.
