SEATTLE--(BUSINESS WIRE)--After a year of heated competition for homes across the country, the balance of power between buyers and sellers is shifting, according to a survey conducted last month by Redfin (www.redfin.com), the next-generation real estate brokerage. The survey of 900 Redfin agents across the country revealed that only 6 percent of respondents believed sellers held all the power, down from 36 percent in the first quarter.
The number of Redfin agents saying sellers and buyers have equal power is the highest recorded since Redfin first asked the question in the fourth quarter of 2013. Twenty-eight percent of agents surveyed said there is an equal balance of power in their market, up from 12 percent in the first quarter.
“Buyers’ attitudes are changing dramatically,” said Redfin San Diego agent Jordan Clarke. “There are more bidding wars now than there were this time last year, but more homes aren’t selling for above the asking price. Once the price gets too high buyers just walk away.”
As buyers push back, the share of Redfin agents who think now is a good time to sell has fallen to 58 percent, the lowest level recorded by Redfin in three years.
“Sellers tend to look backward, while buyers mostly look ahead,” Redfin Chief Economist Nela Richardson said. “As a result, more than a quarter of home sellers had to drop their price in October. However, seller expectations will eventually come down to what buyers are demanding. It’s still a good time to sell, but just may not be as lucrative as many sellers hope.”
Redfin agents tell sellers what buyers really want
As the balance of power in the market shifts, using the proper strategy is crucial for a successful sale. Here’s what our agents had to say:
- 85% of agents surveyed said staging can improve a home’s chances of selling.
- 25% of agents said buyers want an open floor plan.
- 35% of agents said millennials are looking for a short commute.
- 57% of agents said sellers have an unrealistic expectation of their home’s value.
To read the full report, complete with data, charts and agent insights, click or paste the following link: https://www.redfin.com/research/reports/2015/real-time-agent-survey-q4-2015.html
About the survey
This survey was conducted between Nov. 3 and 9, collecting responses from 901 Redfin real estate agents. Respondents spanned markets in 38 states across the U.S. View the complete list here.
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About Redfin
Redfin (www.redfin.com) is a next-generation real estate brokerage that represents people buying and selling homes. Founded by technologists, Redfin employs a team of experienced, full-service real estate agents who are advocates, not salespeople, earning customer-satisfaction bonuses, not just commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don’t pay brokers a commission. Redfin also offers online tools, built by its own software engineers, that make the entire process of buying or selling a home easier and more fun. The company serves major markets across the U.S. and has closed nearly $20 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World’s Most Valuable Private Tech Companies by Business Insider.
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