{"id":22814,"date":"2015-11-12T05:00:57","date_gmt":"2015-11-12T13:00:57","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/research\/?p=22814"},"modified":"2020-10-06T17:08:25","modified_gmt":"2020-10-07T00:08:25","slug":"optimism-outweighs-urgency-among-home-sellers-in-the-third-quarter-2","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/optimism-outweighs-urgency-among-home-sellers-in-the-third-quarter-2\/","title":{"rendered":"Optimism Outweighs Urgency Among Home Sellers in the Third Quarter"},"content":{"rendered":"

\"redfin-real-time-seller-survey-1280x500\"<\/a><\/i><\/b>
\nHere\u2019s a sign that the housing market is approaching something that resembles normalcy: When asked why they\u2019re selling their homes now, respondents to Redfin\u2019s latest survey of 730 home sellers were more likely to cite typical life-cycle motivators like upgrading or downsizing than wanting to get another home under contract before a looming mortgage rate hike.
\nLast year, 59 percent of sellers cited buying another house before prices or interest rates rise as a top reason to sell. This October, just 16 percent of sellers listed that reason, reflecting the fact that interest rates remain at historically low levels and they have been low on buyers\u2019 list of worries this year<\/a>. Sellers\u2019 most common answers were wanting a larger or nicer home (29%), relocating to a new city (27%) and wanting a smaller home (21%). This is a big change in sentiment from our October 2014 seller survey, when concern that mortgage rates and home prices would soon rise was home-sellers\u2019 most common motivation.
\nAfter the aforementioned life-cycle drivers, sellers\u2019 most common reason for listing now was to pull out the profit they\u2019ve made on their home, with one in five sellers choosing that response. Home sellers in Denver reported using the money they made on homes they bought two to three years ago to pay for graduate school and start small businesses.
\n\u201cSeller optimism is flying high right now,\u201d Redfin chief economist Nela Richardson said. \u201cBut buyers are more grounded now and pricing a home too high is risky. More sellers are having to drop their initial asking price this fall than a year ago.\u201d
\n 
\n\"sellersurvey2chartrev1\"<\/a>
\nSellers this year are more confident than last year that the market is in their favor. When asked to describe the current balance of power in the market, 60 percent of respondents said sellers had the power, up from 46 percent last year. Asked to predict where prices will go in 2016, 63 percent said up. Among respondents who are waiting to sell, 27 percent said they aren\u2019t listing quite yet because they think home prices will rise more.
\nAll this positivity is enticing sellers to list at higher prices<\/a>.
\n\u201cMany sellers are coming to the market with an expectation that their home will sell for the same amount their neighbor\u2019s did three months ago, but that\u2019s no longer an accurate reflection of the market,\u201d said Boston Redfin agent Scott Driscoll. \u201cEven more than normal for this time of year, I\u2019m frequently reining in seller’s expectations, advising them to consider the very latest data on nearby sales and homebuyer demand.\u201d<\/p>\n

Sellers Have Concerns Too<\/h3>\n

It wasn\u2019t all optimism from sellers last month. Respondents voiced general economic conditions discouraging buyers (32%), not finding another home they want (28%) and prices falling before their home sells (28%) as their most common concerns about selling.
\n 
\n\"Top<\/a><\/p>\n

About the Survey<\/b><\/h3>\n

This survey was conducted between October 18 and 20, and respondents included 730 current and potential sellers. Respondents spanned markets in 23 states in the U.S., including West: Denver<\/a>, Los Angeles<\/a>, Las Vegas<\/a>, Orange County, CA<\/a>, Phoenix<\/a>, Portland<\/a>, Riverside-San Bernardino, CA<\/a>, Sacramento<\/a>, San Diego<\/a>, San Jose<\/a>, \u00a0San Francisco<\/a>, Seattle<\/a>, Ventura County, CA<\/a>; South: Atlanta<\/a>, Austin<\/a>, Baltimore<\/a>, Dallas \u2013 Fort Worth<\/a>, Fort Lauderdale<\/a>, Houston<\/a>,Raleigh<\/a>, San Antonio<\/a>, Washington, D.C.<\/a>, West Palm Beach, FL<\/a>; Midwest: Chicago<\/a>, Minneapolis-St. Paul<\/a>, Madison, Milwaukee, Northeast: Boston<\/a>, New York City (Bronx<\/a> and Queens<\/a>), Philadelphia<\/a>, Rhode Island<\/a>, Upstate New York<\/a>.
\nIf you\u2019d like to stay up to date on all of Redfin\u2019s reports, please subscribe to the RSS feed here<\/a> or follow us on Twitter<\/a> a<\/a>nd<\/a> Facebook<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Our new survey of home sellers reveals one in five is listing now in order to pull out a profit. Read on for more results. <\/p>\n","protected":false},"author":13279,"featured_media":42738,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[65,35],"coauthors":[],"class_list":["post-22814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-home-seller-tips","tag-redfin-surveys"],"acf":[],"yoast_head":"\nOptimism Outweighs Urgency Among Home Sellers in the Third Quarter - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Our new survey of home sellers reveals one in five is listing now in order to pull out a profit. 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