SEATTLE-A recent report from locally based Redfin says thathomebuyer demand took a sharper-than-expected drop in December. While some decline is normal during the holiday season, Redfin reports that the worsening shortage of homes contributed to steep drops in home tour requests and signed offers made by Redfin customers.
“Homebuyer anxiety is starting to rise,” explains Redfin agent Wayne Olson in Oregon. “My clients who were determined to find a home before year-end instead found few homes worth touring in December.”
According to Olson, “with mortgage rates rising, they are increasingly concerned about their budget. They're also worried about facing stiff competition in the coming months as more buyers enter the market.”
The report, which covers 22 top US real estate markets, showed:
*Redfin customers scheduling home tours fell 14.8% month over month in December 2013, compared to a drop of 7.1% during the same period in 2012.
*Offers signed by Redfin customers dropped 20.2% between November and December 2013, compared to a 16.7% drop during the same period last year.
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