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Home Seller Survey Results Show

Thursday, October 5, 2006 posted by Tommi Crow

According to a new survey released by HouseHunt, buyers have taken the drivers seat. For the first time in years, price appreciation has slowed to low single digits and demand has cooled, as the number of sellers is now greater than, or equal to, the number of home buyers.

Other Findings in the Survey Include:

*Days on the Market: With home for sale signs sprouting like weeds, only 26 percent of agents reported that homes were selling in less than 60 days. One year ago, 77 percent said homes were selling in 60 days or less.

*Sales Versus List Price: 50 percent of sellers were getting 95 percent or more of their homes listing price. In the Northeast, only 72 percent of sellers were getting 95 percent or above.

*Seller to Buyer Ratio: Over the entire nation, home sellers currently out number home buyers 52 to 36. 12 percent of markets reported a 50/50 split between buyer and seller. Biggest exception was reported in the Chicago area with 62 percent of the market made up by sellers and only 31 percent composed of buyers.

*Annual Price Appreciation: 43 percent reported 0-5 percent appreciation. 16percent reported 5-10 percent. Negative price appreciation was felt by 33 percent of respondents.

*Multiple Offers: What a difference a year makes. One year ago 89 percent of sellers reported they received multiple offers for their home. This year, only 25 percent of sellers have received more than one offer.

Move Ups versus First Time Buyers: Move up and repeat buyers outnumbered first timers 57 to 43. The ratio in the south was even larger at 70 to 30.

Let me know what is happening with your sale and market. Email questions and comments to tommi@infotube.net