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.”