Real Estate Agents Anticipate a More Balanced Market In Latest Redfin Survey
Redfin Agents Expect More Modest Price Gains and Less Frustration for Homebuyers
SEATTLE, June 27, 2013 /PRNewswire/ -- Redfin (www.redfin.com), the technology-powered real estate brokerage, today released its latest survey of real estate agents. Data was collected from June 21 through June 25, and reflects responses from 380 Redfin real estate agents in 22 major metropolitan markets across the U.S.
Real estate agents surveyed by Redfin:
- Recognize that it is still a strong seller's market: 86% of agents surveyed described now as "a good time to sell," up from 82% in the first quarter. Meanwhile, only 46% described it as "a good time to buy," down from 57% in the first quarter.
- Expect more modest price gains: 86% of agents believe home prices will rise in the coming months, versus 97% in the first quarter. Sixteen percent expect home prices to "rise a lot," down from 44% in the first quarter.
- Notice Less Competition: Just 11% of Redfin agents recommend that buyers use aggressive strategies such as waiving contingencies and expanding their budget when facing a bidding war, down from 15% in the first quarter, signaling a shift away from the fierce competition seen earlier in the year.
- Still struggle with low inventory and multiple offers: 93% of agents pointed to low inventory and multiple offers as the most common challenges facing buyers, down slightly from 96% in the first quarter.
- Are seeing an increasing number of new agents: 31% of agents have seen an increasing number of people in their area becoming real estate agents, up from 24% in the first quarter and 17% in the third quarter of 2012.
"There has been a recent softening of the market," explained Redfin Agent Mark Biggins. "Inventory has begun to increase steadily, while buyers are becoming fatigued and dropping out. The buyers that are active have more homes to choose from and this is spreading out demand, reducing the number of offers any given house will receive."
About the Q2 2013 Redfin Real-Time Agent Sentiment Survey
For four days in June (June 21 through 25, 2013), we surveyed 380 Redfin agents around the country. Respondents spanned 23 metropolitan markets in the U.S.: Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Las Vegas, Los Angeles/Orange County/Riverside/San Bernardino, Miami, New York, Philadelphia, Phoenix, Portland, Raleigh, 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 22 U.S. markets and has closed more than $8 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 our blog (blog.redfin.com), Twitter (@redfin), and Facebook (facebook.com/redfin), Redfin Collections (www.redfin.com/collections), and on our mobile apps (www.redfin.com/mobile).
SOURCE Redfin Corporation
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