Owners becoming sellers? It’s starting to happen
As more and more Americans get their shots, masks come off in the great outdoors, small parties of fully vaccinated friends and family gather in backyards, and the country begins to emerge from a long pandemic winter, a new survey suggests a turnaround may soon begin to break for frustrated buyers who can’t find enough homes for sale.
Realtor Magazine reports that 10% of homeowners say they plan to list their home for sale this year, and more than a quarter—26%—say they plan to list within the next three years, according to a new survey from realtor.com® of 657 potential home sellers conducted during the week of March 29.
“The homeowners most likely to sell have homes valued below $350,000, which could help relieve inventory woes in a particularly tight price segment, the survey finds,” according to RealtorMag. They also quotes George Ratiu, realtor.com’s senior economist: “In a typical year, we see about 8% of the nation’s homes hit the market, and we’re expecting about 25% more this year. This signals that many homeowners who were wary to list during the pandemic are getting ready to do so, and this much-needed inventory—especially for starter homes—will begin to relieve buyers’ challenges in a very competitive market.”
Fear of selling is often caused by a fear of buying in a price range those sellers can afford, the survey shows. They’re also unsure about moving, citing the current economic climate, the logistics of buying and selling at the same time, and concerns about showing a home during the pandemic. But RealtorMag says the majority of homeowners who say they plan to sell in the next two to three years said that they would be more likely to list their home sooner if they knew they could buy and sell perfectly, according to the realtor.com® survey. Listing sooner also depends on how lucrative it might be, with 37% of homeowners planning to sell saying that if they knew they could make a lot of money on their home sale, that also would be a motivator to list sooner.
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