The National Association of Exclusive Buyer Agents recently conducted a survey of its membership to determine the top issues facing today’s home buyers. Exclusive buyer agents across the country were simply asked, “What is the number one issue facing home buyers in your market today?” Two-thirds of the respondents responded with lack of inventory or low inventory.
Regardless of where the agent was located in the U.S., most answers were similar. Tom Coler, a NAEBA member in Florida, responded, “Finding a house they can afford in a market with very low inventory.” Across the country in Las Vegas, NV, NAEBA member Adele Hrovat answered with two words, “Low inventory.” Even the Midwest is facing the issue as NAEBA member Claire Bastien in Minnesota reports, “Good quality inventory is low in some areas of the Twin Cities leading to multiple offers over asking price.”
The second most reported issue was affordability of available homes. Twenty percent of the respondents listed affordability or pricing as the top issue in their market. This was especially reported as an issue for first-time home buyers. NAEBA member Ken Reid reports this about the Phoenix market, “(There is a lack of) affordability for the first-time home buyer. The rise in prices have cut a lot of buyers out of the entry level market. Unfortunately, rental prices are also on the rise, thereby reducing housing options for the young and/or low income Americans.”
“This survey shows that we have seen a shift to a seller’s market in most of the country,” states NAEBA President Chris Whitehead. “To navigate these issues, it is more important than ever that buyers have an Exclusive Buyer Agent on their side throughout their home purchase.”