Redfin Offers Up 8% in 2014, Compared to 51% Last Year
So far this year, some homebuyers and home sellers seem to have gone missing. We can’t help but wonder: are they coming late to the party, or is it just going to be a smaller, quieter party this year?
Few Homebuyers Have Arrived…
The number of Redfin customers making offers on homes grew just eight percent during the first six weeks of the year, compared to 51 percent in 2013; the growth in closed sales will be higher than eight percent because competition between buyers has been lower, increasing the close rate. Redfin’s overall revenue growth will also be higher because of 100+ percent growth in the listing business and new sources of revenue as well.
But growth in demand among Redfin homebuyers has been very weak, which reflects a broader decline in the market. In January, applications for new mortgages across the U.S. were about 15 percent lower than last year. Meanwhile, sales across 19 markets in January hit the lowest point in at least four years, falling 9.9 percent year over year.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”