Redfin Agents Say Market Shifting from Sellers to Buyers

The latest Redfin Real-Time Agent Sentiment Survey is showing signs that the home buying market is shifting away from being driven by sellers and back to one controlled by buyers.

In 3Q13, 72% of the agents said now is a good time to sell, down from 86% in 2Q13. During the same time frame, 55% said it is a good time to buy, up from 46%.

The biggest challenges for buyers (and the biggest benefits for sellers) remain limited inventory (cited by 87% of the agents) and bidding wars (79%). However, 62% of agents said sellers have unrealistic expectations about the value of their homes. And 30% of the respondents state sellers are having difficulties getting their home to appraise for the contract purchase amount.

Even with the high numbers citing limited inventory and bidding wars as concerns, 56% of the agents believe the market during 3Q13 became less competitive and just 22% said it became more competitive.

Redfin surveyed 522 of its agents in 22 metropolitan areas nationwide between Aug. 20-25.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Redfin-Market-Shifting-from-Sellers-to-Buyers-1039182-1.html

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