{"id":46553,"date":"2016-03-23T17:15:20","date_gmt":"2016-03-24T00:15:20","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=46553"},"modified":"2020-10-06T17:08:19","modified_gmt":"2020-10-07T00:08:19","slug":"q1-2016-redfin-agent-survey","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/q1-2016-redfin-agent-survey\/","title":{"rendered":"Now is a Great Time to Sell, Unless You\u2019re Also a Buyer"},"content":{"rendered":"

It\u2019s easy to typecast the players in the real estate market into two distinct roles: <\/span>buyers<\/span><\/i> and <\/span>sellers<\/span><\/i>. But it\u2019s not that simple. In many cases sellers are simultaneously buyers, searching for their replacement home, making their best and highest offer and hoping the timing works out.<\/span>
\nAlthough we are in a \u201cseller\u2019s market,\u201d how does the notion that everything is rosy for sellers change when we consider that those sellers may <\/span>also<\/span><\/i> be buyers? According to our latest survey, more real estate agents than ever before agree that now is a great time to sell, but finding another home to buy poses a significant challenge.<\/span>
\nOur survey of more than 800 Redfin agents across the country conducted this month revealed that 89 percent of respondents believe now is a good time to sell, up from 83 percent last year. This is the highest percentage of agents reporting now is a good time to sell since we began conducting this survey in 2012. On the other hand, the number of agents reporting that now is a good time to buy fell from 45 percent last year to 34 percent in March — the lowest result we\u2019ve had since 2012.<\/p>\n

\"Perspective<\/figure>\n

Prospective Sellers Fear Not Finding Another Home<\/span><\/h3>\n

When asked for their opinion on the most common reason why prospective sellers are choosing <\/span>not<\/span><\/i> to list their homes, 45 percent of Redfin agents — a vast majority — reported it is because they are worried they will not find a replacement home. A mere 1 percent of agents reported prospective sellers are concerned their home will not sell.<\/span>
\n\u201cMany of my prospective home-selling clients start the process by shopping for a replacement home first before they pull the trigger on listing their home,\u201d said Redfin <\/span>real estate agent<\/span><\/a> Sabrina Booth in Seattle, where the number of homes for sale <\/span>fell to a record low in February<\/span><\/a>. \u201cOnce they experience how competitive the market is for homebuyers, it gives them pause and some choose not to sell. There are options for these folks, though. One way my clients have solved this problem is to take a home equity line of credit and use it as a down payment for their replacement home before listing their current home for sale.\u201d<\/span><\/p>\n

\"Reason\"<\/figure>\n

Low Inventory is a Major Challenge for Sellers<\/span><\/h3>\n

One out of three agents named low inventory, or a lack of homes for sale, as the greatest challenge sellers currently face. That is up from one in six agents surveyed in November of 2015 — a significant change in sentiment in just four months. Move-up buyers\u2019 plans for selling have become increasingly thwarted by <\/span>continuously declining inventory<\/span><\/a> over the past year.<\/span>
\n\u201cThe lack of existing and new homes for sale has fed a vicious cycle of low supply for the past year,\u201d said Redfin chief economist Nela Richardson. \u201cBuilders still aren\u2019t providing enough new construction to satisfy demand, which means the market is desperately relying on homeowners to decide to sell. The good news is we are seeing some improvement with a 12 percent increase in <\/span>new listings this Februar<\/span><\/a>y, a trend we see continuing into March as well.\u201d<\/span>
\nThe least of all challenges for sellers, according to Redfin agents, is finding a buyer. When one considers these two results in tandem, it\u2019s clear that many sellers can\u2019t take advantage of the fact that the market favors them.
\nThis is also apparent in the shift in sentiment that sellers have unrealistic expectations of their home\u2019s value. Although still the primary pain point for sellers, they are becoming more realistic about the value of their home, with a 23 percentage point decline in agents saying sellers are unrealistic since November.<\/p>\n

\"Challenges<\/figure>\n

Redfin Agents Rank the Best Offer Strategies<\/span><\/h3>\n

It\u2019s tough out there for buyers of all varieties, so we asked our agents what they believe is the most effective strategy for <\/span>getting an offer accepted<\/span><\/a> if you\u2019re unable to pay all cash. The vast majority of respondents, 47 percent, said having the flexibility to waive contingencies makes for the most compelling offer. Just 15 percent believe being the first to make an offer is the ticket to winning a bidding war this year.<\/span><\/p>\n

\"Effective<\/figure>\n

About the survey<\/b>
\nThis survey was conducted between Mar. 10 and 13, collecting responses from 836 Redfin real estate agents. Respondents spanned markets in 38 states across the U.S. View the complete list<\/span> here<\/span><\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Redfin agents report low inventory has made it a great time to sell, but not if you also need to find a replacement home. Agents weigh-in on what makes the strongest offer strategy.<\/p>\n","protected":false},"author":13253,"featured_media":46565,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","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":"default","adv-header-id-meta":"","stick-header-meta":"default","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":[30,70,32,68,13],"coauthors":[],"class_list":["post-46553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-bidding-wars","tag-home-buyer-tips","tag-housing-market-tracker","tag-local","tag-redfin-tools"],"acf":[],"yoast_head":"\nNow is a Great Time to Sell, Unless You\u2019re Also a Buyer - 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