While homebuyers are hitting the pavement looking for a home, real estate broker Redfin concluded in a new survey that 49% of buyers believe it’s a good time to shop for real estate, down from 56% in the first quarter.
More people believe it’s a good time to sell — approximately 28% — which is up from 13% last quarter. Optimism about selling rose with increased price expectations.
Redfin surveyed 1,208 Americans in 18 metro areas who are seeking to buy a home within the next year and who toured a property with a Redfin agent.
About 58% of those surveyed believe prices will increase this year. That is up from 34% last quarter.
Buyers who are optimistic about today’s market cite low interest rates as a top reason to buy. Others say low inventory is a solid reason not to buy.
Redfin claims a telling trend is the rise of bidding wars. Seventy-one percent of those interviewed said they faced competing offers during the home bidding process.