Homebuyers are saying they’re willing to pay more for a residential property due to concerns over low inventory.
In the second quarter of 2013, 41 percent of buyers said they’re willing to offer more, up from 34 percent in the first quarter, according to a survey of more than 1,300 homebuyers in 22 major markets by Seattle-based real estate brokerage Redfin.
The number of buyers who say they’re concerned about rising home prices has more than doubled in the past year, according to the survey. Seventy-nine percent of homebuyers say they believe prices will increase in the next 12 months-with 23 percent of that group saying by “a lot.”
“Homebuyers are accepting the reality of a seller’s market and expressing a willingness to pay more,” according to the brokerage’s survey.