Is Housing Slowly Turning to a Seller's Market?

It’s been mostly a “buyer’s market” in the majority of housing markets for the past few years, but more Americans are seeing home buyers’ power in home sales and negotiations soon slipping away. More Americans are reporting increased optimism when it comes to selling a home as prices take a gradual turn upward, according to a recent survey. About 28 percent of Americans say it’s a good time to sell now, inching up from 13 percent last quarter, according to a survey by Redfin of more than 1,200 potential buyers in 18 metro areas. Nearly 60 percent of the survey’s respondents say they think prices will rise this year, up from 34 percent last year. Seventy-one percent of the respondents surveyed also said they are seeing more bidding wars and multiple bids on homes today, too. Home buyers are increasingly being lured back to the housing market, according to several recent surveys. Many buyers say record-low interest rates and increased housing affordability has made buying more attractive. However, according to the Redfin survey, buyers also say the drop in inventory of homes for-sale is one reason to hold off on buying nowadays. Source: “Redfin: Homebuyers Think the Market is Beginning to Favor Sellers,” HousingWire (June 4, 2012)