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What you need to know
- Redfin surveyed more than a third (35%) of U.S. owners who said that they wouldn’t sell their home.
- One quarter stated that it will be a minimum of ten years before they consider selling.
- Fewer people are able to afford moving, according to real estate experts.
Over a third (35%) of U.S. home owners know when they’ll sell their house: Never.
Redfin, a real estate data company, conducted a survey that showed the latest results. “lock-in” Effect could continue to impact the housing markets, creating lower inventories and pushing up prices. More than a quarter of those who have said that selling their house is not an option will also wait at least 10 years before they consider it. Just 7% of respondents said that they planned to sell their home within the next 3 years.
The main reason that homeowners cite for not moving is the fact that their house has been paid off almost completely or that it is nearly fully paid.
High borrowing costs and expensive house prices can discourage listings
Redfin’s report stated that cost is another important factor in deciding whether or not to relocate.
“The just-because movers—those who just want a bigger or nicer house—are staying put, mostly because it’s so expensive to buy a new house,” Marije Kruythoff is a Redfin Premier Los Angeles agent. She made a statement in advance.
Freddie Mac reports that mortgage rates last week were near their highest level in the past two decades. A 30-year fixed-rate loan was at a rate of 7%. Wells Fargo reports that the current average interest rate on existing mortgages of the same kind is around 4%. The gap between the borrowing costs homeowners are currently paying and those they would pay if they were to sell and buy a new home is prompting many homeowners to stay put.
“The people who are selling are doing so because they need to. Either they’re relocating to a different part of the country, or they’re moving due to a major life event like having a baby or taking a new job on the opposite side of the city,” Kruythoff said.
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