According to a recent October survey from Redfin of more than 1,700 prospective home sellers, Redfin writer Jeffery Marino reports that 55% responded they have no plans to sell their current home, while 28% said they would like to sell, but are on the fence about whether it's actually the best time for the market. Marino reports on some important findings from the survey:
Despite their apparent proclivity to hold rather than sell, the home owners Redfin surveyed overwhelmingly agreed that 2016 has been a seller’s market. When asked if now is a good time to sell in their neighborhood, 42 percent agreed it was, an 8 percentage point increase over the same time last year. A mere 8 percent said it was a bad time to sell, representing a 5 percentage point decline.
So how could it be that so many prospective sellers agree now is a good time to sell and yet report that they are either not planning to sell or are unsure of when they will? In a word: prices.
When asked what they think will happen to home prices in the coming year, 68 percent of respondents said they expect them to increase in 2017 and a mere 5 percent said prices will fall. Homeowners are slightly less bullish today than they were a year ago. When asked the same question in the last quarter of 2015, 71 percent of respondents reported prices would climb in 2016.