The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
Fewer real estate agents think now is a good time to sell a home in their markets, according to a survey of 468 Redfin real estate agents from 22 U.S. metropolitan areas.
The survey, conducted Dec. 12 through Dec. 14, showed 65% of agents saying it was a good time to sell, down from the 72% who said so in the third quarter and the 86% who said so in the second quarter. The data is not seasonally adjusted, and the report did not provide a year-over-year comparison for the statistic, but a spokeswoman for Redfin noted the shift reflected agents’ observations that the market is starting to balance out after 2013’s spike in home sales and prices. Fifty-six percent of those surveyed said now is a good time to buy, which is consistent with the third-quarter sentiment.
A lot of potential homebuyers put their searches on hold during the holidays, but sellers have been dealing with more than just a seasonal decline in shoppers.
They’ve also been battling their unrealistic expectations of how much their homes are worth — 63% of agents said that was the largest obstacle faced by sellers in the fourth quarter.
Home sales and prices have continued to see year-over-year growth, according to the latest DataQuick real estate numbers, but mortgage rates are also on the rise, which agents expect may price some buyers out of the market. In the Redfin survey, 39% of agents said sales and price gains would be severely limited if rates hit 5.5% in 2014 (they’re just above 4.4% at the moment, according to Bloomberg).
Despite agents’ seeming decline in enthusiasm, it remains a sellers’ market — shopping for a home in the offseason has its benefits. Buyers, on the other hand, are complaining of a limited inventory of unsatisfactory homes. Agents identified the small number of homes for sale as consumers’ main frustration in the homebuying process.
If you’re looking for a good deal on a home, it’s not a bad idea to browse during the off-season, because the market tends to be a little less competitive in the winter than in the summer. Just as you should consider many options for the home, shop around for a good mortgage — to help with this, credit scoring models de-duplicate mortgage inquiries made within a 14-day window, so your can find the best deal without hurting your credit scores.
Image: lamiel
December 13, 2023
Mortgages
June 7, 2021
Mortgages