SEATTLE--(BUSINESS WIRE)--While a majority of prospective home sellers think prices will rise in the next year, a common concern is that they won’t be able to sell before prices fall, indicative of the general sense of indecision characterizing homeowners this fall, according to Redfin (www.redfin.com), the next-generation real estate brokerage. In a survey of over 1,700 potential home sellers conducted earlier this month, 68 percent of respondents said they expect home prices to increase in 2017, whereas only 5 percent believed prices would actually fall.
Forty-two percent of respondents agreed that now is a good time to sell, up 8 percentage points from the same time last year, while only 8 percent reported it is a bad time to sell in their neighborhood.
Despite strong indicators from potential sellers that they are confident in the market, 55 percent said they had no plans to sell and an additional 28 percent said they are planning to sell but are unsure of when they will decide to list their home.
This hesitance is reflected in the survey results. The top reasons why homeowners reported they are planning to sell were to upgrade to a better home (36%) and to pull out profit from their equity (23%). Yet, the two greatest concerns expressed about deciding to sell were that they would be unable to find the replacement home they want (32%) and that prices may fall before they’re able to sell (32%).
“The irony doesn't escape me when I say home sellers are in a tough spot right now, since the market seems to weigh so heavily in their favor,” said Lorella Martin, a Redfin real estate agent in Austin. “Many people move out of necessity, but those homeowners who would like to sell in order to upgrade to a larger and nicer home are on the fence. As prices continue to rise, most prospective home sellers ask me two key questions: ‘is now the best time to sell?’ and ‘how difficult will it be to find another home?’”
To read the full report, along with charts and a complete analysis of the survey results click or paste the following link into your browser: https://www.redfin.com/blog/2016/10/redfin-home-seller-survey-q4-2016.html
About the Survey
This Redfin survey was conducted between October 13 and 16 and includes responses from 1784 home sellers in 41 states and Washington, D.C.
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About Redfin Corporation
Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the highly accurate automated home-value estimate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $31 billion in home sales to date, and saved customers more than $335 million in fees, and counting.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center.
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