WASHINGTON, April 13, 2016 /PRNewswire/ -- With demand exceeding supply in markets across the U.S., homebuyers may be facing an uphill battle to find the perfect home this spring. Total housing inventory at the end of February was 1.88 million existing homes available for sale, 1.1 percent lower than last year and at a 4.4 month supply at the current sales pace, which is below the roughly six month supply level needed for a balanced market between buyers and sellers.
In competitive markets like this, it is important that homebuyers work with a Realtor®. Realtors® who have the National Association of Realtors®' Accredited Buyer's Representative® designation are specialized practitioners focused on working directly with buyer-clients and helping them through the challenges of finding the right home in a seller's market.
"When there is more demand than inventory homes sell quickly, prices rise and bidding wars can start," said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. "A Realtor® with an ABR® designation is a home buyer's upper hand; they understand local markets and can negotiate on behalf of their buyer-clients."
Adds Salomone, "Buying a home is often one of the biggest decisions of a person's life, and having a Realtor® in their corner is the ultimate advantage. They are there to guide consumers through the complexities of this life-changing transaction."
NAR's 2015 Profile of Home Buyers and Sellers asked recent homebuyers what they look for when deciding on a real estate agent; 53 percent said they were looking for someone who could help them find the right home to purchase, and 12 percent said they wanted someone who can help them negotiate the terms of sale. The report also found that homebuyers look at a median of 10 houses before deciding on one to purchase, and the typical search lasts for 10 weeks.
"Having a real estate expert with specific knowledge of the local market and purchase process can mean the difference between a homebuyer getting that 10th house and having to search for another," said Salomone.
In 2016, the ABR® designation celebrates its 20th anniversary, with over 28,000 ABR® designees. Realtors® with the designation are experienced real estate agents who have completed advanced training in representing the specific needs of buyers during a real estate transaction and have unique, up-to-date insights on the best way to approach their local market.
The designation is awarded by the Real Estate Buyer's Agent Council, a wholly-owned subsidiary of NAR and the world's largest association of real estate professionals focusing specifically on representing the real estate buyer.
To find out more about the ABR® designation and the homebuying process, consumers can visit rebac.net/home-buying.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Videos" tab on the website.
SOURCE National Association of Realtors