According to Realtor.com’s latest housing report, 64% of prospective home sellers intend to list their home by October.
Majority of Prospective Home Sellers Plan to List Home Within Next 6 Months
Realtor.com’s latest housing report, released mid- last week, said that 64% of soon-to-be home sellers plan to list their home by October.
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In fact, 9% of these home sellers already have listed their homes and 11% intend to list their homes at the beginning of May. 44% of prospective sellers have a longer listing-to-sell time frame of two to six months.
This housing report said, “Whether these sellers follow through with their plans will be key to the forecasted 2022 inventory recovery and critical for buyers hoping to find a home before mortgage rates climb even further…many sellers are already getting their home ready.”
Reasons to Sell?
According to Realtor.com, the majority of these prospective sellers are Millennials. 49% of these Millennial sellers want and/or need larger homes due to new familial needs (31%) plus they (15%) want updated features.
61% of older Millennials who participated in this Realtor.com survey indicated that they had already sold at least one home. In this impending sales go-around, these Millennial sellers plan to sell relatively affordable homes…43% of the homes will have listing prices of $350,000 or less and 22% of the homes will have listing prices of no more than $500,000.
Interestingly, these Millennial sellers, more than other respondents to this study, have indicated they want a more affordable home and need the sale money from the house “to help offset inflation and other economic burdens,” such as student loan debt.
Will Homebuyers Get Price Breaks?
Not according to the respondents of this Realtor.com study. 42% of prospective sellers intend to list their home for more than what their home is worth.
Of the sellers surveyed, 12% want to sell their home for between $750,000 – $1.5M. 5% want to sell for more than $1.5M. George Ratiu, senior economist with Realtor.com, said, “Although accelerating inflation is leading to higher housing costs and living expenses, many buyers remain interested in finding a home.”
Ratiu continued. “The upper segment of housing is still somewhat insulated from rising mortgage rates sidelining buyers. With savings from a couple of years of remote work and solid investment market returns, buyers in luxury markets maintained a quick pace, with sales of properties priced above $1M advancing +21% y/y in February 2022.”
In this latest housing report, Realtor.com strongly suggested that sellers who make upgrades (59%), clean and declutter their homes (67%), and/or fully repaint interior and replace flooring (47%) will have better seller outcomes (generate larger seller profits) than sellers who do not execute these suggestions.
The problem with these suggestions? 28% of prospective sellers refuse to pay for repairs or improvements prior to a sale.
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Thanks to Realtor.com, MansionGlobal, and Inman.