The REALTORS® Confidence Index ( RCI) report provides monthly information about real estate market conditions and expectations, buyer/seller traffic, price trends, buyers’ characteristics, and issues affecting real estate transactions based on a monthly survey of REALTORS®
Here are a few highlights from the November 2016 Report:
- Realtors Reported Strong Buyer Traffic Amid Tight Supply
- Reaotors Are generally Optimistic Over the Next Six Months
- More Properties Sold at Original List Price or at a Premium Form One Year Ago
- Realtors Expect Modest Price Change in Next 12 Months
- Properties Typically on the Market 43 days
- Sales to 1st time buyers 32 Percent of Sales
- Distressed Sales: Six Percent of Sales
- Sales for Investment Purposes: 12 Percent of Sales
- Cash Sales: 21 Percent of Sales(this one surprised me)
- Percentage of Mortgage Sales with a Down-payment of At Least 20 Percent as of November 2016: 38 Percent
- Issues Affecting Transactions: Contract Settlement, Financing, Home Inspections, Appraisals(what else is there)
I thought this article would be a great way to start the New Year as you make plans for your business for 2017.
Happy New Year!
Managing Partner, Options Mortgage Services