Real Estate Agents Cautiously Optimistic about Industry Future in Redfin Survey

SEATTLE, Oct. 23, 2012 /PRNewswire/ -- Redfin, the technology-powered real estate broker (www.redfin.com), today released its first survey of real estate agents. Data was collected from September 21 through 28, and reflects responses from more than 700 Redfin-employed real estate agents and Redfin partner agents in 19 major metropolitan markets across the U.S.

The Redfin Real-Time Real Estate Agent Survey is part of an ongoing series that also includes surveys of homebuyers and sellers.

Real estate agents surveyed by Redfin:

• See now as a good time to buy a home more often than a good time to sell one: 75% of agents surveyed described now as "a good time to buy," while only 54% described it as "a good time to sell."
• Mostly expect price gains to be modest: Only 11% of agents expect home prices to "rise a lot" in the next year. The vast majority--76%--expect prices to "rise a little."
• Are feeling the pinch of low inventory and multiple offers: 90% of agents indicated that low inventory was one of the most common challenges facing buyers, and 91% pointed to multiple offers.
• Are seeing both buyers and sellers gaining confidence in the market: 85% of agents agreed that buyers are becoming more confident about the market, and 84% agreed that sellers are becoming more confident.
• Have hope for future of the real estate profession: 59% of agents believe that the real estate profession will grow in size in the next five years, 30% believe it will remain the same, and just 11% see more declines in the future.

"That agents believe both buyers and sellers are becoming increasingly confident bodes well for sales volume in 2013," said Redfin CEO Glenn Kelman. "Over the past five years, eager sellers have been unable to find a buyer, or more commonly in 2012, eager buyers have been unable to find a seller. But going into 2013, we expect that a jittery market will settle down, and buyers and sellers will more easily come to terms. After years of irrational exuberance, crashes, foreclosure fire-sales, inventory shocks and saw-toothed trends, the cautious, broad-based optimism we're seeing now is the best kind of recovery we could hope for."

About the Q3 2012 Redfin Real-Time Agent Survey
For one week in September (September 21 through 28, 2012), we surveyed 722 agents around the country, including 323 Redfin-employed agents and 399 Redfin partner agents. Respondents spanned 19 metropolitan markets in the U.S.: Atlanta, Austin, Baltimore, Boston, Chicago, Dallas, Denver, Los Angeles, New York, Orange County, Philadelphia, Phoenix, Portland, Riverside / San Bernardino, Sacramento, San Diego, San Francisco, Seattle, and Washington DC.

Click here to view full report, including charts and graphs. Additional data is also available by contacting [email protected].

About Redfin
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 19 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