In the latest Redfin survey, all signs indicate the market currently belongs to the sellers. Jon Whitely reports that 51% of respondents think now is a good time to sell, up from 34% last year, while 58% said sellers have the advantage, up from 44% last year.
But there isn’t a glut of homes hitting the market at the moment and the affordability factor could be a reason why. Fifteen percent of homeowners we surveyed don’t plan to sell because they can’t afford a bigger or nicer home. Another 15% indicated they can’t find an affordable home, period.
“Many people looking to sell their home voice concerns about being able to find something to buy. It’s a feeling of being stuck in limbo,” said Redfin agent Sabrina Booth in Seattle, where where inventory is down 33% year-over-year. “My advice is to ask a lender about a bridge loan or a home equity line of credit (HELOC). These financing options enable homeowners to secure their move-up home and sell without fear of being homeless.”