Sellers lose grip on the market
According to Redfin, sellers are losing the dominant position in the housing market, with 72% of surveyed agents describing now as a good time to sell compared to 86% in the second quarter.
The survey polled 552 Redfin agents across 22 metro areas in the U.S.
This quarter, our agents feel that the housing market has softened considerably since the spring and that home prices will have more modest gains in the coming months.
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.