Redfin Real Estate Agents See Sellers Losing Their Grip on Housing Market in Latest Redfin Survey

SEATTLE, Oct. 2, 2013 /PRNewswire/ -- Redfin, the technology-powered real estate brokerage (www.redfin.com), today released its latest survey of its own real estate agents. Data was collected from August 20 through August 25, and reflects responses from 522 Redfin real estate agents in 22 major metropolitan markets across the U.S.

TheRedfin Real-Time Agent Sentiment Survey is part of an ongoing series that also includes surveys of homebuyers and sellers.

Redfin real estate agents:

• Indicate that sellers are losing market control: 72% of agents surveyed described now as "a good time to sell," down from 86% in the second quarter. Meanwhile, 55% said it is "a good time to buy," up from 46% in the first quarter.
• See challenges for both buyers and sellers: Agents believe that limited inventory (87%) and bidding wars (79%) remain the biggest challenges for buyers. They also report that sellers, too, are facing challenges; 62% say that sellers have unrealistic expectations about the value of their home and 30% say that sellers are having difficulties getting their home to appraise for the contract purchase amount.
• Expect more modest price gains: 68% of agents believe home prices will rise in the coming months, versus 97% in the first quarter. Only five percent expect home prices to "rise a lot," down from 44% in the first quarter.
• Notice less competition: 56% of agents believe the market over the last three months has become less competitive. Only 22% believe it has become more competitive.

"At the end of this summer, you could smell the rubber on the road from buyers hitting the breaks," said Redfin San Diego agent Sara Fischer. "The cutthroat competition and frenzied demand has relaxed considerably."

About the Q3 2013 Redfin Real-Time Agent Sentiment Survey
For six days in August (August 20 through 25, 2013), we surveyed 522 Redfin agents around the country. Respondents spanned 22 metropolitan markets in the U.S.: Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Orange County, Miami, New York, Philadelphia, Phoenix, Portland, Raleigh, Sacramento, San Diego, San Francisco, Seattle, and Washington DC.

Click here to view 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's 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), Twitter (@redfin), and Facebook (facebook.com/redfin), Redfin Collections (www.redfin.com/collections), and on our mobile apps (www.redfin.com/mobile).

SOURCE Redfin

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