Dive Brief:
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More homes are for sale than at this time last year, but fewer are selling, according to the new Redfin Real-Time Seller Survey.
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Almost 60% of sellers said they intend to hold out for higher prices, although selling prices have slowed considerably and few buyers are willing to pay more than asking prices. “Buyer demand is there, but only at the right price,” Redfin Chief Economist Nela Richardson said Monday.
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As a result, 17% fewer sellers this quarter than last told surveyors that they believe it’s a good time to sell their homes. Those who are selling are pricing their homes closer to actual value than they did over the summer, when they tested the market by asking for higher prices.
Dive Insight:
The number of homes for sale increased by 4.1% between August and September, up 6.3% from September 2013, Redfin reported. Indeed, “right now the real estate climate is very different from this time last year,” Shawn Flynn, a Boston Redfin agent, said to the real estate website.