The June 2018 Realtors Confidence Index Survey is in, which analyzed the characteristics of buyers and sellers last month as well as issues that affect homeownership and real estate transactions based on the responses of 50,000 Realtors.
Overall, the report names low inventory, interest rates and multiple offers as the most significant issues interfering with transactions last month. Agents reported a low list-to-sale time of 26 days along with high buyer traffic. Unsurprisingly, prices continued to grow in most markets as well.
A majority (75 percent) of contracts settled on time in June, a 2 percent year-over-year gain. Across all sales last month, the report indicates that 74 percent had contract contingencies, the most common of which pertained to home inspection, obtaining financing and getting an acceptable appraisal.
The report indicates that 31 percent of sales last month were made up be first-time buyers, just 1 percent less than last year. About 13 percent of sales accounted for were made up by vacation and investment buyers. On a similarly positive note, sales of distressed properties accounted for just 3 percent of sales last month.
In regards to cash sales, the study reports 22 percent. Nearly 20 percent of sellers offered incentives such as providing a warranty, closing costs, undertaking remodeling and providing appliances in hopes of enticing potential buyers.