[April 09, 2015]

Redfin Agents Report Home Sellers Gaining Power in the West, Losing Their Edge in Other Major Markets

Redfin agents in Western cities report that home sellers have gained power in those markets since last year, according to Redfin (www.redfin.com), the customer-first real estate brokerage. Agents in the West reporting that "sellers have all the power" notably jumped 12 percentage points over the same period last year, according to the latest quarterly survey of nearly 700 Redfin agents, released today.

Redfin agents reported that seller confidence is waning in the South, the Midwest and the Northeast. While the housing market remains tilted in favor of sellers, the buyer/seller relationship continues to show some signs of balance. This is likely due to the improving inventory situation across many of the markets in these regions, reported by Redfin earlier this year.

"In January of this year we saw the biggest increase in first-time buyers requesting home tours since 2012," said Redfin Chief Economist Nela Richardson (News - Alert). "The balance of power is improving for buyers in many markets across the U.S., but first-time buyers are still entering a housing market with fewer homes for sale in their price range than three years ago, especially in Western cities. Buyers will have to adjust their expectations and aggressively shop for homes they can actually afford."

Other survey findings, as reported by agents, include:

• Millennials want to buy single-family homes downtown, and they do not prioritize living near family.
• The greatest challenge for first-time buyers is finding homes in their price range.
• First-time buyers are doing more housing market research than in previous years, are better educated in general and have higher-paying jobs.

To read the full report, complete with data, charts and methodology, please visit: https://www.redfin.com/research/reports/real-time-market-sentiment/2015/home-sellers-gaining-power-in-west.html.

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About Redfin

Redfin (www.redfin.com) is a customer-first real estate brokerage that represents people buying and selling homes. Founded by technologists, Redfin employs a team of experienced, full-service real estate agents who are advocates, not salespeople, earning customer-satisfaction bonuses, not just commissions. Redfin.com features all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission. Redfin also offers online tools, built by its own software engineers, that make the entire process of buying or selling a home easier and more fun. The company serves major markets across the U.S. and has closed nearly $20 billion in home sales. In 2012, Redfin was named one of The DIGITAL 100: World's Most Valuable Private Tech Companies by Business Insider.

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