(reposted from the NAEBA blog)
If a recent survey of the membership of the
National Association of Exclusive Buyer Agents (NAEBA) is correct, home
buyers will face increasing challenges in 2016. Most Exclusive Buyer
Agents (EBAs), regardless of which U.S. market in which they do
business, predict that inventory will remain low. According to one NAEBA
member Exclusive Buyer Agent, “The big challenge in our market will be
the shortage of inventory,” and another adds, “Low inventory and
crushing demand mean most sales will be bidding wars.”In addition to low
inventory, NAEBA members predict that buyers will also face increasing
prices and economic uncertainty. One Exclusive Buyer Agent stated, “With
a volatile and erratic Wall Street, and sellers pricing overly
aggressively, I feel there will be CHALLENGES.”
The one bright spot in the report was that NAEBA members predict that
interest rates, even if they rise some, will remain low. That could
make it a great time to buy provided the buyer can find the right house.
According to the NAEBA Executive Director Kimberly Kahl, CAE, “It may
be more important now than ever that buyers receive full representation
from their real estate agent. They will need an experienced agent who
will help them make a good offer quickly or they will lose out on the
home they want. They will also need an experienced negotiator to ensure
they don’t overpay for the home, especially in this climate of
increasing prices and economic uncertainty.”
Adds 2015-2017 NAEBA President Dawn Rae, “It’s very exciting to buy a
new home but buyers need to make sure to take steps in the right
direction that will lead to success without too much stress. NAEBA
member Exclusive Buyer Agents are experienced and educated and working
with one makes it more likely that a home buyer will navigate these
challenges successfully.”