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Between the improving weather and rising home prices, spring is shaping to be prime time for confident sellers.
Redfin released the results of its latest Home-Seller Sentiment Survey. When asked what their top three concerns were regarding selling their homes, the largest share of respondents (25 percent) said that they had no worries, up from a 16 percent share in the first quarter survey.
For those that do have concerns, rising mortgage rates, threats of falling prices, and low appraisals were top responses. The survey found that fewer sellers are worried about finding another home, as well.
Sellers are in a good spot and they know it. When asked about the current power balance between buyers and sellers, 40 percent of respondents said that sellers have a little more power than buyers, and 20 percent said that sellers have all the power.
Redfin says that new listings dropped 2.3 percent during the first three months of 2017.
“Would-be sellers are likely waiting for prices to peak; they’re trying to time the market to fetch the largest possible gain,” said Redfin chief economist Nela Richardson. “Whether the confidence of the current cohort of sellers translates into more new listings in the coming months is the number one question that determines whether 2017 will be a good year or a great year.”
