Home sellers reported feeling optimistic heading into the spring buying season. According to National Mortgage Professional, which cites data from real estate marketing platform Realtor.com, 81% of potential home sellers believe they will receive at least their asking price this year. Despite ongoing mortgage rate and affordability concerns, 70% of those surveyed say they believe now is a good time to sell. Others—approximately 79%—are selling out of pure necessity, such as for more space or to move closer to relatives. Additionally, 75% of potential sellers think their homes will sell within the average time frame or faster.
While optimism is high, nearly two-thirds (61%) of respondents have been contemplating a sale for over a year, with 46% saying they've been considering it for one to two years. Mortgage rates are a clear roadblock. Half of those with a mortgage feel “locked in” by their current rate, a figure that rises to 55% for sellers who’ve been waiting over a year.
Expectations around interest rates are playing a significant role in shaping plans. Of those who believe rates will rise, 43% say that possibility makes them more likely to sell, while 20% say it would make them less likely. Conversely, 69% of those expecting rates to fall say that would increase their likelihood of listing. Read more