According to a study by Redfin and posted in Inman News, more buyers are feeling the tides are changing and their power position is being jeopardized because of the changing market conditions. 7 out of 10 buyers surveyed said they encountered multiple offers on properties they were trying to purchase and 31% said they would back off when faced with multiple-offer situations, up from 28% during the 2nd quarter of 2012.
Still, 46% of buyers feel now is a good time to buy, which is down from 56% during the first quarter. 32% of sellers now think is a good time to sell,up from 13% during the first quarter. All this points to a change in the power position of buyers-vs-sellers in the real estate market.
Regarding home prices, 61% of those surveyed believe prices will increase, up from 32% during the 1st quarter. All this points to a slow but strengthening real estate market.