The 2018 real estate market was difficult to navigate if you were a home buyer.
In 2018 we experienced inventory shortages. Lots of buyers were searching for a new place, but they were having a really hard time finding good options.
Because there were fewer homes on the market, buyer competition was fierce, especially for the preferred homes. That competition, of course, pushed home values up.
In 2018 the Triangle area and markets across the country experienced the same sort of inventory. This lead to a record year for profit if you were a home seller, and a very difficult year if you were a home buyer. Because the inventory was low, and the demand was high, we were in a seller’s market throughout most of 2018.
The majority of buyers looked to Realtors for help
Since the competition was fierce and inventory was low, buyers experienced some difficulty navigating the market. When inventory is tight and demand is up, the buyer will need to be quick to view the properties that do show up. Then they have to make quick decisions so that they don’t lose out to their competitors. Buyer’s needed to be quick to visit properties and they had to work hard to stand out from the competing offers. They also need to make sure they could rely on expert advice and get assistance with the negotiations. To help them reach their goals, the vast majority of buyers partnered with real estate professionals.
According to the 2018 Profile of Home Buyers and Sellers from the National Association of Realtors, 87% percent of buyers purchased their home through a real estate agent or broker.
What was the main reason that buyer’s wanted the help of an agent? The homebuyers who were surveyed said they wanted an agent to help them find the right home for them and their families (52%).
It looks like they hired well too. An overwhelming percentage of those buyers were satisfied with their experience (90% of buyers would use their agent again or recommend their agent to others).
If you’re thinking about purchasing a home in 2019, make sure you work with a qualified real estate professional. There’s a reason nine out of 10 buyers partner with an agent or broker to find and purchase their dream home!