This spring season will see high competition in many markets but buyers are still optimistic of closing.
But they know that to secure their chosen home they will need to adjust their strategies and be prepared to pay more, a survey by Realtor.com has discovered.
"We're only a few weeks into March and already seeing the market heat up," said Danielle Hale, chief economist for realtor.com®. "Holdover buyers hoping for greener pastures this spring are likely to find sparse options that require them to pay top-dollar or make other concessions."
The poll shows that 60% of buyers expect to close in the next 6 months but that 40% have spent 7 months searching, another 34% have searched for 4-6 months, and 26% have spend up to 3 months in the market.
40% plan larger down payments
Four in ten potential buyers are planning to buy with a down payment larger than 20%, 36% plan to put down a larger earnest money deposit, while 26% are willing to offer above the asking price.
Other tactics being planned are checking listings websites daily (42%) and setting price alerts (33%).
"The majority of buyers are aware of the tough competition they're up against this spring. Having been in the market awhile, they've likely lost a few homes to better offers, which has given them more time to save and up their bidding strategies," added Hale.
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