Agents Expect More Modest Price Gains and Less Frustration for Homebuyers
For the latest Redfin Real-Time Agent Survey, we surveyed 380 agents around the country, including both Redfin-employed agents and Redfin partner agents. This quarter’s survey showed some early signs that agents sense some softening on the horizon, with more modest price gains expected in the coming year.
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 just 44% in the first quarter.
- Notice Less Competition: Just 11% of 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; and
- 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.
For the full report including data tables and charts, visit the Real-Time Market Sentiment in Redfin’s Research Center.