Realtors: Confidence Index Survey For June

Characteristics of Buyers and Sellers

  • First-time buyers accounted for 31 percent of sales (32 percent in June 2017).
  • Vacation and investment buyers comprised 13 percent of sales (13 percent in June 2017).
  • Sales of distressed properties (foreclosed or sold as a short sale) accounted for three percent of sales (four percent in June 2017).
  • Cash sales made up 22 percent of sales (18 percent in June 2017).
  • Seventeen percent of sellers offered incentives such as paying for providing a warranty (8 percent), closing costs (8 percent), undertaking remodeling (2 percent), and providing appliances (one percent).

Issues Affecting Buyers and Sellers

  • From April–June 2018, 75 percent of contracts settled on time (73 percent in June 2017).
  • Among sales that closed in June 2018, 74 percent had contract contingencies. The most common contingencies pertained to home inspection (55 percent), obtaining financing (44 percent), and getting an acceptable appraisal (42 percent).
  • REALTORS® report “low inventory”, “interest rates”, and “multiple offers” as the major issues affecting transactions in June 2018.

Posted in: