Nearly a quarter of homeowners are considering selling their home in the next 3 years, according to a Zillow survey — this is a big increase over prior surveys.
While 3% mortgage rates were a blessing for many homeowners who bought or refinanced a home during the first two years of the pandemic, they've now become a curse.
For months, the inventory of existing homes has remained incredibly tight due to the reluctance of many homeowners to list their homes for sale and give up a historically low interest rate.
Instead of selling, some homeowners have opted to stay put, investing in renovations to add the extra space or new features they may have sought in a new home. Others have moved and kept their home as a rental, holding onto their low-rate mortgage.
However, the new report from Zillow found that 23% of current homeowners are looking to list their home for sale within the next three years, Up from 14% to 19% the past 2 years
The top reason for wanting to sell was the desire to move up to a nicer home.
Half of the sellers said they believed they would get more for their home now than in the future.
Zillow's survey results showing increased interest in selling appear to align with overall consumer sentiment. In May, Fannie Mae's National Housing Survey found that 65% of people said it was a good time to sell a home. More homes on the market is good news for homebuyers providing more options to choose from and potentially a little less competition per home.
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