A new survey of real estate agents across the U.S. shows an increasing gap between homebuyers' and sellers' perceptions of the market. Homebuyers are increasingly likely to list their homes above market value, while buyers are less willing to aggressively pursue purchases due to affordability
and financing concerns.

The gulf between homebuyers and sellers is widening, according to a new Redfin survey of more than 700 agents and partners across 35 U.S. markets. Sellers are overpricing their homes and more buyers refusing to get in bidding wars, the survey found.

"In May, 40 percent said that they planned to list their homes above market value, even though home sales had dropped by 9 percent since the year before," Redfin chief economist Nela Richardson said in a statement. "Typically, it takes sellers six to nine months to adjust to a price change, but this latest shift is longer. Prices have moved down and then up so much over the past five years that it's even more difficult for sellers to have a realistic baseline for what their homes are worth in the current market."

Fifty-eight percent of Redfin agents say that sellers are holding unrealistic expectations about the value of their homes, up from 49 percent in the previous quarter. Meanwhile, buyers are showing less willingness to chase after a home, as they face affordability and financing hurdles, the survey found.

"Buyers who have been searching for a long time may still try to win deals with aggressive offers," Richardson said. "However, new buyers in the market are much less willing to chase an escalating sale price to compete with multiple bids. The demand side of real estate is moving from "please take my offer' to "take it or leave it as you please.' Home buyers' willingness to walk away from a deal that's a bad fit is good for them and is ultimately healthier for the housing market."

Rising inventories have been beneficial for buyers who are less willing to participate in a bidding war, but they are facing other challenges, such as access to credit and affordability, the survey finds. The top challenges Redfin agents identified as growing problems for buyers are: lack of affordability; qualifying for a mortgage; saving enough for a down payment; and worries about the economy.