Confidence builds among home sellers

The level of confidence for home sellers rose during the start of the fourth quarter, which was higher than the same point in the previous quarter, according to a report from Redfin.

The level of confidence for home sellers rose during the start of the fourth quarter, which was higher than the same point in the previous quarter, according to a report from Redfin.

More than 80 percent of home sellers noted prices will be better in the next 12 to 24 months, which is three percentage points higher than the third quarter. Sellers also felt more confident selling a home than renting it out, while close to 60 percent though buying was a good idea at this juncture.

Additionally, much of the cautious optimism is due to the continued strong figures in mortgage data and real estate records.

"Economists agree that the market hit bottom some time earlier this year and low interest rates have brought out more buyers than we've seen in years, but most sellers decided to wait for better prices," said Glenn Kelman, CEO of Redfin.

Additionally, the home price situation improved in August, according to the Federal Housing Finance Agency. That month, home prices rose 0.7 percent, while the year ending in August experienced a home sales gain of 4.7 percent.



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