Here’s What Has Your Sellers Most Worried
Forty-five percent of more than 1,700 home owners say they are planning to sell, but the majority of them aren’t sure when they will list, according to a new Redfin survey. Concern over finding a replacement home is the top reason for their indecision.
Yet, 42 percent of respondents agree 2016 has been a seller’s market, tilting in the favor of home owners over buyers, with sixty-eight percent of home owners saying they expect home prices to increase in 2017.
“The irony doesn’t escape me when I say home sellers are in a tough spot right now since the market seems to weigh so heavily in their favor,” says Lorella Martin, a Redfin real estate professional in Austin, Texas. “Many people move out of necessity, but those home owners who would like to sell in order to upgrade to a larger and nicer home are on the fence. As prices continue to rise, most prospective home sellers ask me two key questions: ‘is now the best time to sell?’ and ‘how difficult will it be to find another home?’”
Sellers are most concerned about finding a suitable replacement home (32 percent) and worry their property may fall in value before they are able to sell (32 percent), the Redfin survey shows.
The top reasons home owners say they want to sell are to upgrade to a larger and nicer home (36 percent) and to pull out profit from the home (23 percent), according to the survey.