{"id":57932,"date":"2017-05-01T05:00:10","date_gmt":"2017-05-01T12:00:10","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=57932"},"modified":"2020-10-06T12:59:47","modified_gmt":"2020-10-06T19:59:47","slug":"despite-being-slow-to-list-home-seller-confidence-is-strong-going-into-spring","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/despite-being-slow-to-list-home-seller-confidence-is-strong-going-into-spring\/","title":{"rendered":"Home-Seller Confidence Blooms this Spring"},"content":{"rendered":"
\"2016-05-13_fullsize_Pleasanton_A\"<\/figure>\n

The strong March housing market<\/span><\/a> was followed by a significant boost in home-seller confidence this April.<\/span>
\nIn its latest Home-Seller Sentiment Survey, Redfin surveyed nearly 900 homeowners, about 20 percent of whom either said their home was currently listed for sale or expressed plans to sell within the next year, and are therefore considered \u201chome sellers\u201d for the purpose of this report. <\/span>
\nAmong those 179 home sellers, one in four said they had <\/span>no concerns<\/span><\/i> when asked what their top three concerns were regarding selling their home, ironically causing \u201cno concerns\u201d to rank in the top spot on the list.<\/span>
\nThis is a nine-point jump in confidence from when we last surveyed home sellers three months ago. In January, 16 percent of sellers selected the option \u201cnone,\u201d and this response ranked in the eighth spot on the list of concerns. <\/span>
\nThere was also a decline in the percentage of sellers expressing concerns about finding a replacement home, dropping from the third spot in January when 24.1 percent of sellers expressed this concern to fifth place in April when 18 percent had this response. <\/span>
\n\u201cDespite strong sentiment among current home sellers, the numbers show prospective sellers have been very slow to list their homes. New listings dropped 2.3 percent in the first three months of the year compared to the same period last year,\u201d said Redfin chief economist Nela Richardson. \u201cWould-be sellers are likely waiting for prices to peak; they\u2019re trying to time the market to fetch the largest possible gain. Whether the confidence of the current cohort of sellers translates into more new listings in the coming months is the number one question that determines whether 2017 will be a good year or a great year.\u201d<\/span><\/p>\n

\"Seller<\/figure>\n
<\/figure>\n

The fact that home sellers were emboldened in April is also reflected in a slight shift toward a more aggressive pricing strategy. The share of sellers reporting they would price high because they believe negotiation in inevitable increased almost six percentage points from 15.4 percent in January to 21.1 percent in April. <\/span>
\nIn both the January and April surveys, about half of the sellers we surveyed agreed pricing in a mid range according to comparable properties is the best strategy. However, those who are feeling particularly plucky and deciding to price high should be forewarned. This approach to pricing is often cited as being foolhardy by seasoned Redfin agents since it can cause a home to sit on the market longer and may lead to an eventual price drop. <\/span>
\n\u201cOver-pricing one\u2019s home is a common mistake made in a seller\u2019s market,\u201d said Redfin <\/span>Los Angeles real estate agent<\/span><\/a> Sylva Khayalian. \u201cEspecially as we progress through the spring and into the summer months, homeowners see neighbors receive multiple offers and sell for more than their asking price and some assume they can ask for even more. <\/span>Redfin research<\/span><\/a> has shown that homes get half as many views online after a price drop as they do than on the day they are listed–meaning it\u2019s critical to make your best first impression to attract your most likely buyers right out of the gate.\u201d<\/span><\/p>\n

\"Seller<\/figure>\n

When sellers were asked how they would describe the current balance of power in the market, 20 percent said they have all the power. That is up nearly seven percentage points from three months earlier when 13.1 percent expressed this level of certainty. <\/span>
\nThe percentage of sellers surveyed this spring reporting that buyers have a little more power than sellers dropped nine points from 22.5 percent in January to 13.5 percent this April.<\/span><\/p>\n

\"Seller<\/figure>\n
<\/figure>\n

\u201cThe difference between seller confidence in the winter versus how undaunted they appear to be this spring serves as a teaching moment for homebuyers,\u201d said Redfin<\/span> Hoboken, New Jersey real estate agent<\/span><\/a> Noah Goldberg. \u201cBuyers tend to face less competition and have more success at getting the price they want during the winter, as <\/span>Redfin research<\/span><\/a> has shown. It\u2019s clear from this survey, at least in terms of the 2017 market, buyers will also face more confident sellers this spring than they did in January — a potential sign of a contentious market this year.\u201d <\/span>
\nAbout the Survey<\/b>
\nRedfin\u2019s survey was conducted between Apr. 12 \u00a0and Apr. 17, and includes responses from 896 homeowners in 38 states and Washington, D.C. Of this group of respondents, 179 said their home was either currently listed for sale or that they are planning to sell in the next year. This group of survey participants are considered \u201chome sellers\u201d for reporting purposes.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The strong March housing market was followed by a significant boost in home-seller confidence this April.<\/p>\n","protected":false},"author":13253,"featured_media":57937,"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":[8,22],"tags":[],"coauthors":[],"class_list":["post-57932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker"],"acf":[],"yoast_head":"\nHome-Seller Confidence Blooms this Spring - 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