Associated Press
SEATTLE — Most home sellers believe now is a good time to sell, according to Redfin, the next-generation real estate brokerage. Conducted in early July, Redfin’s latest survey of more than 1,700 homeowners across the country revealed that 52 percent of home sellers think now is a good time to sell in their neighborhoods (up from 34 percent last year), and 58 percent think sellers have more power than buyers (up from 44 percent last year). This marks the second consecutive quarter that the majority of sellers think now is a good time to sell, and nearly the highest level of seller confidence Redfin has recorded.
It makes sense that sellers are feeling good, because June was the fastest and most competitive housing market on record, while inventory has been down nationally and downright barren in cities such as Seattle, Denver and Oakland. Nationally, there are just 2.8 months of housing supply, the lowest level Redfin has recorded since we began keeping track in 2009. Six months of inventory is considered to be balanced, with lower figures favoring sellers.
Redfin real estate agents have noticed that sellers are more confident, too. They say it’s a critical time to advise sellers against going overboard on price as today’s buyers are savvy and unwilling to overpay.
“While we’re noticing a shift among sellers in terms of their confidence in getting their homes sold quickly and for good prices, it’s up to the agent as their advocate to keep their expectations grounded and recommend a pricing strategy that is most likely to get the best value for their home,” said Atlanta Redfin agent Sascha Gummersbach. “A seller’s market doesn’t grant homeowners a license to skip things like valuable upgrades, home staging or setting a price based on comparable homes in their neighborhood.”
Finding a home to buy remains at the top of sellers’ list of worries, with 30 percent identifying that issue. However, overall concern about finding a desirable replacement home has declined seven percentage points from last quarter. Concerns about low appraisals and about buyers being discouraged by general economic conditions and rising mortgage rates are less widespread than they were at this time last year.
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