ROGER W. WEBB

Providing Honesty, Integrity & Professionalism
Welcome to ROGER W. WEBB Sign in | Help

Webb Real Estate SVS

Survey: Buyers, Sellers 'Not on the Same Page'

Home buyers and sellers are “not on the same page” when it comes to the state of the housing market, according to a new Redfin survey of 707 of its agents and partner agents across 35 U.S. markets. Buyers and sellers are taking a more aggressive stance in the market, with some sellers overpricing their homes and more buyers refusing to get in bidding wars, the survey found. 

“In May, 40 percent of sellers surveyed by Redfin said that they planned to list their homes above market value, even though home sales had dropped by 9 percent since the year before,” says Nela Richardson, Redfin’s chief economist. “Typically, it takes sellers six to nine months to adjust to a price change, but this latest shift is longer. Prices have moved down and then up so much over the past five years that it’s even more difficult for sellers to have a realistic baseline for what their homes are worth in the current market.”

Fifty-eight percent of Redfin agents say that sellers are holding unrealistic expectations about the value of their homes, up from 49 percent in the previous quarter. Meanwhile, buyers are showing less willingness to chase after a home, as they face affordability and financing hurdles, the survey found.

“Buyers who have been searching for a long time may still try to win deals with aggressive offers,” Richardson says. “However, new buyers in the market are much less willing to chase an escalating sale price to compete with multiple bids. The demand side of real estate is moving from ‘please take my offer’ to ‘take it or leave it as you please.’ Home buyers’ willingness to walk away from a deal that’s a bad fit is good for them and is ultimately healthier for the housing market.”

So is it a seller’s market or a buyer’s market? It depends on who you ask. Twenty-four percent of Redfin agents surveyed say that “sellers have all the power,” a drop from 35 percent three months ago.

Rising inventories have been beneficial for buyers who are less willing to participate in a bidding war, but they are facing other challenges, such as access to credit and affordability, the survey finds. The top challenges Redfin agents identified as growing problems for buyers are: lack of affordability; qualifying for a mortgage; saving enough for a down payment; and worries about the economy.

Source- Redfin  

Published Tuesday, October 7, 2014 2:36 PM by WEBB REAL ESTATE TEAM

Comment Notification

Subscribe to this post's comments using RSS

Comments

 

www.linux.org said:

Oҝ,? Lee stated after which he stopрed and thought. ?The perfeсt factor

about God is ??? hmmmm?????..? He puzzled as a result of he had so many issues that

hаve been ggreat aboᥙt God Ƅut hee needed to

choose one of the best one so he wwould win the game.

?That he knows everything. That?s reallʏ cool. Meaning hе will

help me witҺ my homework.? Larry conclᥙded wih a priud expression on his face.

June 19, 2017 1:15 PM
 

Roman Erdman said:

Very informative article.Real state has both immediate and roundabout impact on the level and organization of genuine Gross Domestic Product (GDP). The embodiment of the land segment can be characterized in numerous ways.The case demonstrates how land can shield individuals from the monetary tempests.

https://sovinco.com/discount.php

November 7, 2017 11:44 PM
 

Christina Fowler said:

You always give us the great work regarding the home sales and their marketing analysis and I think this should be made public. Why don't you share your work on http://www.boomsessays.com/ website as well? Thank You!

December 30, 2017 12:08 PM

Leave a Comment

(required)
(optional)
(required)
Submit