In a piece for USA Today, staffer Paul Davidson writes that this spring buying season should be “a coming out party” for millennials who’ve finally saved enough money to buy a home. The trouble is, though, the few homes for sale in a given market are most likely still priced too high.
It’s a difficult market for buyers and a strong one for sellers. Already, house hunters are waiving inspections, making offers without even seeing homes and bidding well above asking price. Yet (Lawrence Yun, chief economist of the National Association of Realtors) predicts sales will be flat compared to spring 2017 because of the skimpy supplies and reduced affordability for many buyers.
“This year’s (spring) buyers may be competing against some of those buyers who have been unsuccessful during the past few months,” Zillow Senior Economist Aaron Terrazas says. “Increasingly, the traditional seasonal boundaries around home shopping season … are becoming less pronounced” as the fierce competition forces buyers to lengthen their searches.
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