The National Association of Realtors released a report based on the responses of 2,891 realtors on market conditions, trends, and other issues affecting real estate. Sulman Quarishi, from Engel and Volkers, talks about the current state of the real estate market.
Market Conditions:
- Confidence is up across all property types
- Prices continue to firm up
- Median days on market is 43 days
- Distressed sales: 18%
Characteristics of Buyers:
- First time buyers: 29% of residential buyers
- Investors make up 19% of the residential market
- Second-home buyers make up 11% of the residential market
- Relocation buyers make up 13% of the residential market
- International buyers make up 2.3 of the residential market
Current Issues Realtors Face:
- Tight credit conditions and slow lending practices
- Appraisal issues
Engel & Völkers began in 1977 as a specialty boutique real estate agency providing high-end services to an exclusive clientele. Today, the company is a global leader in the sale and lease of premium residential and commercial property and yachts.
To find out more about Engel and Volkers, go to: westhartford.evusa.com.