Redfin's quarterly Real-Time Market Sentiment, a harvest and knowledge base of its 900 agent network's on-the-ground belief systems, has arrived at a tipping point, noting a "balance of power" shift. Buyers have taken the driver's seat, as sellers cede their position as the ones in control.
The inflection point comes clear as one looks at demand behavior around transactions. Many markets indicate that "bidding wars" are still going on for good houses for sale in many markets, but the result--sellers getting the listed price--has fallen off significantly. In more cases, sellers are getting below what they ask.
Redfin analyst Jerry Marino notes that "buyer demands" are what to look for now. Here, are a couple of the most important of them.
- open floor plans
- easy commute (especially millennials)