Home Sellers may be Losing Their Clout in the Market
Home sellers may be losing their clout in the market
Home sellers in some neighborhoods may have missed their chance to dictate the market.
The number of real estate agents around the country who say they are in a sellers’ market slid below 50% for the first time in years, according to a fourth quarter survey by HomeLight.
The residential sales software and services firm polled hundreds of agents across the U.S. for its latest report.
“It’s still a seller’s market across much of the country, but agents report a noticeable shift toward more balanced conditions,” HomeLight reports in the new study. “Predictions for 2020 suggest that the market will continue to soften as the calendar year turns.
“Nearly 44% of agents anticipate balanced conditions for their local market in 2020 while 15% say they’ll see a buyer’s market.”
Most real estate agents quizzed for the report said they expect home prices to stay level in 2020. Only 36% of the agents surveyed said that home prices would rise in their market.
Usually upbeat sales agents are keeping a positive spin on the market, with more than three quarters saying they are optimistic about 2020’s housing outlook.
Only 12% of the agents HomeLight surveyed are expecting a recession next year.
Agents said the biggest challenge facing U.S. home sellers in the coming year will be the tendency to overprice their properties.
“As prices flatten or even decline in some areas, sellers will need to be aware of market conditions in their area and how that impacts their pricing strategy,” the report warns. “Price the house wrong, and you look at price reduction after price reduction (which could attract lowball offers down the line) and months of extra costs. It’s not a fun road to go down.”
Posted on nationalmortgagenews.com on 12/30/2019.