More Homeowners Believe Now is a Good Time To Sell; Fear of Missing Out on Future Price Gains Surpasses the Economy as Top Concern in Redfin Home Seller Survey
Housing Inventory Remains at Record Lows despite Seller Optimism
SEATTLE, Jan. 24, 2013 /PRNewswire/ -- Redfin (www.redfin.com), a technology-powered real estate broker, today released its latest survey of home sellers, capturing sentiment of homeowners with the intent to sell.
Redfin based this analysis on survey answers from 895 respondents across the U.S. who indicated intent to sell their home in the near future. Data was collected just last week. The Redfin Real-Time Home Seller Survey is a companion to the quarterly Buyer Survey and Agent Survey.
- 81% believe prices will rise in the next 12 months, up from 75% in the fourth quarter;
- 34.1% indicated that missing out on future price gains was a major concern, up from 30.6%, and overtaking general economic conditions (33.8%) as the top concern;
- 49% indicated that they were planning to sell, up from 45%;
- 47% would also consider renting out their home instead of selling, up from 43%;
- 22% believe now is a good time to sell, up from 15%
- 54% believe it is a good time to buy, down from 58%
Based on increased home-seller confidence reported in last quarter's survey, Redfin was optimistic that inventory would start to pick up in early 2013. As of last week, inventory was still down dramatically, indicating that the home-selling season have a late start this year. Redfin compared the number of new listings added to the market during the first two weeks of 2013 with the number of homes for sale listed during the same period last year. The company saw inventory plummet in every market it serves, with an average of 30 percent fewer new listings this year than last. The growing number of home sellers whose top concern is that they may miss out on even greater price gains suggests homeowners' continued reluctance to enter the market just yet. As prices continue to rise, Redfin expects what it now considers an inventory crisis to ease as the spring and summer home-selling seasons approach.
Click the following link to read the full Real-Time Home Seller Survey. http://blog.redfin.com/?p=10672.
About the Report
From January 17 through January 21, Redfin surveyed 1,847 people who had used Redfin in the last three months and indicated that they were a homeowner. Those who did not indicate an intention to sell their home were excluded. This report incorporates the survey responses of 895 respondents across 20 in the U.S.: Atlanta, Austin, Baltimore, Boston, Chicago, Dallas, Denver, Las Vegas, Los Angeles, New York, Orange County, Philadelphia, Phoenix, Portland, Riverside / San Bernardino, Sacramento, San Diego, San Francisco, Seattle, and Washington DC.
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin's online tools feature all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. The company serves 20 U.S. markets and has closed more than $5 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider. Follow us on blog.redfin.com, on Twitter @redfin, and Facebook.com/Redfin.
SOURCE Redfin Corporation
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