The National Association of REALTORS conducts REALTOR confidence surveys where they ask all members (of course, not all respond) to participate in a survey with a variety of questions. The goals are to get a feel for where the market sits, where prices are, where they’re going, and what REALTORS are seeing.
The good news is that, nationally, it seems like the majority of markets are seeing a decrease in supply, an increase in demand, and therefore seeing upward pressure on pricing. Problems continue in the mortgage market with credit scores being increasingly important, documentation requirements being stringent, and banks generally being a pain in our…. You get the idea. There are also appraisal issues with roughly 1/3 of the agents who responded indicating they have seen recent appraisal issues. Sheesh. Now the banks are being a pain and so are the appraisers. In the end, it’s slowing the rates of appreciation in the healthiest submarkets…. but is that a good thing or a bad thing?
What do you think?
See the REALTOR confidence survey report here.