Curve

Survey says: Housing market competition finally thinning out

Aly J. Yale
The Mortgage Reports contributor

Home buying not as hard as it once was

It seems like the red-hot housing market might finally be cooling off. According to a new survey, almost half of all homeowners think home buying has gotten less competitive in the last year. Even more think the ever-pricy California and Colorado markets have slowed down.

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Buying a home gets easier

According to the latest Modern Homebuyer Survey from ValueInsured, many homeowners — “who are typically more informed and aware of the latest market conditions in their neighborhood” — think the housing market has turned a corner.

Almost half of all those surveyed — 48 percent — have noticed a less competitive home buying market in their area and lighter open house traffic since spring 2017. In Colorado specifically, 56 percent of homeowners think home buying has slowed.

Many California and New York homeowner have noticed the same in their states, with 54 percent and 53 percent reporting a slow-down in the area.

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A buyers’ market is on the horizon

The survey’s results fall in line with what many experts are predicting: that the housing market will soon shift from the sellers’ favor to the buyers’ — and maybe quicker than expected.

According to CNBC, 14 percent of all home listings saw a price cut in June. In half of the country’s biggest metros, home price growth has finally stalled.

Where home buying is hardest: The nation’s most competitive housing markets

A recent survey by Pulsenomics — which gauged expectations of economists and real estate experts from across the country — showed that most expect a buyers’ market come 2020. According to their projections, the Midwest will see the shift first, possibly in 2019. The other regions follow suit after.

“While ongoing supply constraints are reinforcing the floor on home prices right now, the experts’ forecasts still imply the joists will start to crack sometime next year, and result in sub-three percent annual home-value appreciation in 2020 and beyond,” said Terry Loebs, founder of Pulsenomics.

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All signs are good for today’s home buyers. Ready to find your dream home? Then shop around and see what mortgage rates you qualify for today.

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