More House Buyers and House Hunters Enter Housing Market in August
More house hunters entered the housing market in August. This is likely a rush of house hunters hoping to shop, purchase a home, move, and be set up to enjoy the holidays within the next few months. There is also the draw to house hunters that there are cheap mortgage interest rates and lower asking prices for homes as sellers seek to make a deal. House hunters rose from an average of 299 in July to 304 in August which is a four year high.
Estate agents reported an increase in sales in the month of August which traditionally is a slow month for sales. Data from the National Association of Estate Agents (NAEA) showed that the average agent sold eight properties per branch which is up one from both July 2011 and August 2010. So there was an increase in not only house hunters but also house buyers bringing some needed optimism to the housing market.
Wendy Evans-Scott, president of the NAEA, remarked, “This summer has seen the return of what you might call the ‘serious seller’ – those who price realistically because they have a strong imperative to sell.
“Although supply levels dropped slightly, the number of sales made held strong, suggesting that those sellers that have remained in the market are pricing their homes sensibly.
“The increase in the number of family homes sold demonstrates that it is those that have to move because they need more space that are in the market. Accordingly, there are fewer speculative sellers out there, who inflate prices and are not committed to a sale.”