Sellers Not as Confident in the Housing Market

Seller confidence in the market has taken a hit in the past week, a survey from Redfin shows. But homebuyers have returned to the market in the week after the government shutdown was resolved, the company adds.

The number of potential buyers contacting Redfin agents is up 58% for the week of Oct. 28 over the previous week, compared with a 41% week-over-week increase in 2012.

For the period between Oct. 24 and 28, over 40% of sellers say potential buyers’ interest in the property listed is either a little less or much less than expected.

Only 34% now consider this a good time to sell, down from 48% three months ago. Another 45% of the respondents say it is an OK time to sell, up from 42%.

Nearly eight in 10 sellers say the shutdown and debt ceiling battle did not affect their plans to sell. But 9% say it made them hesitant to sell and a similar number say it made them postpone listing their homes.

Sellers are no longer getting 10 offers within the first week of listing, they are getting one or two. Buyers are now offering below list price and are willing to wait, says Paul Reid, the Riverside, Calif., market manager for Redfin.

If you need any assistance on purchasing your new home, get pre-approved by either giving me a call at 314-744-7806, or visit my website by clicking on the link below:

Call The Money Man