It seems the transition is complete. In a recent survey by Redfin, 82% of agents described now as a "good time to sell," while only 57% described now as "a good time to buy."
Let’s back up to the third quarter of 2012, when 54% of the agents polled considered it a good time to sell, but 75% called it a good time to buy.
This complete ‘180’ in the housing markets can only be backed by dangerously low inventory, prices that continue to appreciate and low interest rates pushing buyers to buy now.
I recently wrote about a house my husband and I put an offer in on. I felt fairly confident about our offer and we’d managed to tour the house less than 24 hours after it had gone on the market, putting our offer in the same day. Unfortunately, within a day, four other offers were put in and the seller chose a higher one.
As a buyer, this is discouraging. It’s frustrating to know there is zero ‘wiggle room’ when it comes to negotiations and often homes are selling above the appraisal value.
On the other hand, I can only imagine sellers are riding high and feeling good, as multiple offers pour in on their homes within a day. In fact, 98% of agents surveyed by Redfin agreed that sellers are becoming more confident about the market.
With that in mind, 83% of agents agree that buyers also are becoming more confident, so it’s not totally a lost cause for those of us trying to find a home.
Working in this industry, I can’t tell you how many people I’ve heard say "the time to buy is now." Well, as a buyer (often frustrated with this sellers’ market), I can tell you that the time to sell is now as well.