According to results from the ZipRealty first quarter 2007 Housing Market Perception Survey, buyers and sellers perceive an improvement in home pricing trends and believe the housing market is beginning to stabilize, indicating sellers are more realistic with their pricing and expectations and that fewer buyers are "fence-sitting."
ZipRealty's recently-announced survey results show that a shrinking percentage difference between buyer and seller views of home price trends, a sign that both are beginning to see eye-to-eye. The percentage difference between buyers and sellers who believe prices will decline decreased from 26 percent in the fourth quarter 2006 to only 19 percent in the first quarter 2007, while the percentage difference between buyers and sellers who think prices will increase declined from 10 percent to six percent.
"As we enter the prime summer real estate season, we believe sellers are more realistic with their pricing and are more willing to negotiate and work with buyers," ZipRealty's President Patrick Lashinsky explains. "Our recent survey results support our belief that the current market continues to favor buyers, but that buyers are actively looking to submit an offer once they find the right home at the right price."
ZipRealty's most recent monthly Price Reduction Index, which tracks housing trends in 18 markets nationally, reveals a month-over-month increase in the percentage of actively listed homes with at least once reduction in listing price, a signal that sellers are lowering their expectations this spring. Additionally, the number of single family homes and condos listed for sale are up 32 percent in April 2007 compared to one year ago.
For more information, check out the ZipRealty press release.
