Now is a good time to sell a home says Redfin's Jeffery Marino, citing data from the real estate database's latest survey of nearly 800 Redfin agents: 88% of agents reported now is a good time to sell.
But the market's biggest hurdle right now is competition from other buyers, which is causing intense bidding wars throughout the nation--more than half of agents that responded to last month's survey cited it as the biggest challenge, causing their previous worries about low inventory to subside.
“The average sale-to-list price ratio hit a record high during the second quarter of 2016, indicating that buyers are as aggressive as we have ever seen when it comes to winning offers,” Redfin chief economist Nela Richardson said.
Buyers are trying to increase their chances of getting a home, and therefore putting in multiple offers at one time:
In some cases, fair offers from committed buyers are being outbid by other buyers who end up backing out of the contract when their bid gets accepted on another home they like better.
While not putting all your eggs in one basket can be a viable strategy in other pursuits, this tactic ought to be avoided by home buyers, our agents said. Often, when a buyer is considering this approach, it is an emotional response to having lost out on another home.