{"id":23130,"date":"2015-12-07T05:00:40","date_gmt":"2015-12-07T05:00:40","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/research\/?p=23130"},"modified":"2020-10-06T17:08:24","modified_gmt":"2020-10-07T00:08:24","slug":"real-time-agent-survey-q4-2015","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/real-time-agent-survey-q4-2015\/","title":{"rendered":"Home Sellers Are Losing Their Market Advantage"},"content":{"rendered":"

After a year of heated competition in the housing market, the balance of power between buyers and sellers is shifting. In a survey of 900 Redfin agents across the country conducted last month, only 6 percent believed sellers held all the power, down from 36 percent in the first quarter.
\nPerhaps even more significant, the number of Redfin agents saying sellers and buyers have equal power is the highest recorded since we first asked agents in the fourth quarter of 2013. Twenty-eight percent of agents surveyed said there is an equal balance of power in their market, up from 12 percent in the first quarter.
\n\"Balance<\/a>
\n\u201cYou wouldn\u2019t know that the balance of power in the market is shifting by just looking at prices and inventory,\u201d Redfin San Diego agent <\/span>Jordan Clarke<\/span><\/a> said. \u201cHowever, buyers\u2019 attitudes are changing dramatically. There are more bidding wars now than there were this time last year, but more homes aren\u2019t selling for above asking price. Once the price gets too high buyers just walk away.\u201d<\/span>
\nSixty-five percent of offers written by Redfin agents in San Diego faced bidding wars in October, up from 49 percent a year earlier. Yet the average sale-to-list price ratio remained virtually unchanged at 97 percent, which means most sellers are not getting their full asking price. A similar trend is occurring in Los Angeles, Fort Lauderdale and Denver among several other major metros. Buyer demand remains high, but it isn\u2019t resulting in a windfall for sellers.
\nAs buyers push back, the share of Redfin agents who think now is a good time to sell has fallen to 58 percent, the lowest level recorded by Redfin in three years.
\n\u201cSellers tend to look backward, while buyers mostly look ahead,\u201d Redfin Chief Economist Nela Richardson said. \u201cAs a result, more than a quarter of home sellers had to drop their prices in October. However, seller expectations will eventually come down to what buyers are demanding. It\u2019s still a good time to sell, but just may not be as lucrative as many sellers hope.\u201d
\n\"Good<\/a><\/p>\n

Redfin agents tell sellers what buyers really want<\/h3>\n

As the balance of power in the market shifts, using the proper strategy is crucial for sellers to get a quick and successful sale. Here\u2019s what our agents had to say: <\/span><\/p>\n