T
he latest agent survey conducted by Real Brokerage revealed a slight decrease in agent optimism for the housing market over the past month. While 45% of respondents reported feeling more optimistic, 16% felt more pessimistic about the market's health. Tamir Poleg, CEO of Real Brokerage, attributed this dip to current market conditions and recent changes required by the NAR settlement. Interestingly, sentiment was more positive in Canada than in the U.S., indicating regional differences in market sentiment. Despite this slight decrease, overall sentiment remained "net positive."

    The survey also shed light on shifting market dynamics, with fewer agents (33%) viewing their market as a sellers' market compared to June (51%). Conversely, the number of agents who perceive their market as balanced increased to 42%. Only one-fourth of agents (25%) believe buyers have the upper hand, up from 20% in June. However, this figure may continue to rise as we approach fall, traditionally a more favorable time for buyers. NAR Chief Economist Lawrence Yun has observed a gradual shift from a sellers' market to a buyers' market.

    Affordability remains a significant challenge for buyers, with 56% of Real agents reporting low affordability and high mortgage rates as the primary hurdle for their clients. This is a decrease from June when 60% of agents reported challenges with affordability. A separate Bright MLS survey of 535 buyer agents and 752 listing agents revealed that buyers continue to face tough market conditions. Over 72% of agents reported that buyers have paused or stopped their home search over the past six months.

    The top reasons for buyers withdrawing from the market were high housing costs and lack of affordability, high mortgage rates, and frustration with competition and multiple offer situations. Nearly one-third of agents reported that their buyers took three to six months to find a home, while over 29% said clients spent more than six months on their home search.

    Despite these challenges, sellers remain generally satisfied with the prices they're getting for their homes. In response to these challenges, many sellers are offering credits and concessions to help seal deals. Over 22% of agents reported sellers contributing to buyers' closing costs, while roughly 37% said their sellers provided credits for repairs or items discovered during inspection. Nearly one-fourth of agents had a buyer and seller negotiate a sale-leaseback arrangement.