Latest Redfin Survey Reveals Home Sellers Disappointed In Tepid Buyer Interest

SEATTLE, Oct. 31, 2013 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate brokerage, today released its latest survey of home-sellers, capturing sentiment of homeowners with the intent to sell. Redfin based this analysis on responses from 535 homeowners across the U.S. who had used Redfin in the last three months. Data was collected from October 24 through 28.

The survey revealed that home-seller confidence in buyer demand has fallen sharply from the summer. At the same time, concerns about the U.S. economy increased.

This quarter, home sellers:

• Are disappointed in buyer interest in their home: Of respondents who have already listed their home, 30% reported that buyer interest has been "a little less than expected" and 13% said "much less than expected."
• Think it is just an "OK" time to sell their home: The percentage of survey respondents who think it is a "good" time to sell their home fell sharply this quarter to 34% from 48% in the third quarter. Meanwhile, 45% of respondents said it is an "OK" time to sell their home, up from 42%.
• Are worried about the economy: This quarter, survey respondents named "general economic conditions" as their top concern about listing their home, with 39% choosing this statement, up from 25% in the third quarter.
• Did not change their selling plans due to the government shutdown: Despite their concerns about the economy, 78% of survey respondents told us that the U.S. government shutdown and debt ceiling battle in October did not affect their plans to sell. Nine percent, however, said these events made them "hesitate" to list and another 9% said they "postponed" their selling plans.

"The market is softening. Instead of homes getting 10 offers within the first week, they might get one or two," said Redfin Riverside, CA Market Manager Paul Reid. "Moreover, buyers are more emboldened. Some are making offers below list price and contingent on the sale of their home…and winning."

The Redfin Real-Time Home-Seller Survey is a companion to the quarterly Buyer Survey and Agent Survey.

About the Q3 2013 Redfin Real-Time Seller Survey
This quarter's seller survey took place between October 24 and October 28, 2013. The company surveyed 535 people who had used Redfin in the last three months and who indicated that they were a homeowner. The results span 24 metropolitan markets in the U.S.:  Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Las Vegas, Los Angeles, Orange County, Miami, Long Island, Philadelphia, Phoenix, Portland, Raleigh, Riverside, Sacramento, San Diego, San Francisco, Seattle, and Washington, D.C.

Click here to view the full report, including charts and graphs. Additional data is also available by contacting [email protected].

About Redfin
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin online tools feature all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. The company serves 22 U.S. markets and has closed more than $8 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider. Follow us on our blog (blog.redfin.com), Facebook (facebook.com/redfin), Google+ (plus.google.com/+Redfin), LinkedIn (linkedin.com/company/Redfin), and Twitter (@redfin).

SOURCE Redfin

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