Skip to content
Fact Checked by Experts

Surprising Real Estate Trends You Need to Know Before Buying or Selling

The latest data from the REALTORS Confidence Index reveals fascinating insights into todays real estate market.

From waived contingencies to homes selling above list price, these trends are reshaping how buyers and sellers approach real estate.

Lets dive into the numbers and what they mean for you.

Start Your Homebuying Journey Now.

happy-couple-buying-home-sold-sign-Dec-09-2024-09-04-19-3484-PM

More Homes Selling Above List Price

Despite market shifts, nearly one in five homes sold above their asking price. This trend reflects continued demand and limited inventory.

However, it's worth noting that this figure is down from peak levels, signaling slightly more balanced conditions for buyers.

What this means for you: Sellers should still price strategically, while buyers may have more room for negotiation compared to previous months.

Cash Buyers Are Still Dominating

All-cash purchases remain a significant force in the market, with 27% of buyers skipping financing altogether.

While this is slightly lower than in recent months, it underscores the advantage cash buyers have in competitive markets.

What this means for you: If you're financing your purchase, getting pre-approved and working with a knowledgeable agent can help you stand out.

Virtual Home Buying Is on the Rise

A surprising 8% of buyers purchased their homes based solely on virtual tours or online listings, skipping in-person viewings altogether.

This is up significantly from earlier trends, reflecting the growing role of technology in real estate.

What this means for you: Sellers should invest in high-quality virtual tours and online marketing to attract tech-savvy buyers.

Buyers Are Waiving Contingencies

Contingency waivers are becoming increasingly common, with 19% of buyers waiving inspection contingencies and 23% waiving appraisal contingencies.

These trends can help buyers secure homes in competitive markets but carry risks.

What this means for you: Buyers should carefully weigh the risks of waiving contingencies, while sellers can view these waivers as a sign of strong interest.

Market Activity Beyond the City Center

Suburban and rural areas continue to dominate buyer interest, with 85% of buyers looking outside city centers.

This reflects a preference for more space and affordability, driven in part by the rise of remote work.

What this means for you: Buyers should explore suburban markets for more options, while sellers in these areas can capitalize on strong demand.

Contract Delays and Challenges

While most transactions close on time, some contracts face delays due to appraisal issues or other challenges.

Approximately 7% of contracts experienced appraisal-related delays, highlighting the need for proactive planning.

What this means for you: Buyers and sellers should work closely with their agents to anticipate and address potential roadblocks.

First-Time Buyers Are Making Moves

First-time buyers represent 27% of the market, showing that affordability challenges haven't kept newcomers out of the game.

These buyers are also increasingly looking for homes that offer long-term value and growth potential.

What this means for you: Sellers should consider upgrades that appeal to first-time buyers, such as energy efficiency or flexible spaces for work and leisure.

Conclusion

The real estate market continues to evolve, with trends like contingency waivers, virtual buying, and suburban growth reshaping the landscape.

Whether you're buying, selling, or just watching the market, staying informed can give you an edge.

Ready to make your move?

Get Pre-Approved Today.

With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.

Get pre-approved in just minutes!