For the latest Redfin Real-Time Agent Survey, we surveyed 522 Redfin agents across 22 major metro areas in the U.S. This quarter, our agents feel that the housing market has softened considerably since the spring and that home prices will have more modest gains in the coming months.
Redfin real estate agents:
- Indicate that sellers are losing market control: 72% of agents surveyed described now as “a good time to sell,” down from 86% in the second quarter. Meanwhile, 55% said it is “a good time to buy,” up from 46% in the first quarter.
- See challenges for both buyers and sellers: Agents believe that limited inventory (87%) and bidding wars (79%) remain the biggest challenges for buyers. They also report that sellers, too, are facing challenges; 62% say that sellers have unrealistic expectations about the value of their home and 30% say that sellers are having difficulties getting their home to appraise for the contract purchase amount.
- Expect more modest price gains: 68% of agents believe home prices will rise in the coming months, versus 97% in the first quarter. Only five percent expect home prices to “rise a lot,” down from 44% in the first quarter.
- Notice less competition: 56% of agents believe the market over the last three months has become less competitive. Only 22% believe it has become more competitive.
For the full report, visit Redfin’s Research Center.