There’s hope that more housing inventory may arrive to relieve some of the pressure on buyers. According to a new survey by realtor.com, as many as 64% of the 3,000 prospective home sellers it surveyed recently are planning to list in either spring or summer.
Realtor.com’s senior economist and manager of economic research George Ratiu said most sellers are expecting to hold the upper hand this year and that they believe it’s a good time to sell. However, he said that sellers still have many challenges they must navigate.
“Homeowners who are ready to move forward with pandemic-delayed plans will find plenty of opportunity this spring and summer,” Ratiu insisted. “Although accelerating inflation is leading to higher housing costs and living expenses, many buyers remain interested in finding a home. At the same time, recent housing trends suggest demand is beginning to moderate as higher mortgage rates push monthly payments out of some buyers’ budgets, underscoring the long-term need for more affordable inventory.”
Homeowners have great expectations for when they do decide to sell. Aspiring sellers responding to the survey say a top reason is the desire to profit from the current market.
Millennials are expected to represent nearly half—49%--of sellers who plan to list within the next six months. They have financial motivation to stick to their plans, the survey found. Their top reasons for selling are pressure from rising inflation and economic uncertainty. They showed higher shares than other generations of wanting to move to a more affordable home and a need to sell for financial reasons.
Regardless of age, aspiring sellers are readying their homes to list. They are taking steps to prepare, such as making repairs, cleaning, and decluttering.
The majority of those who have already listed found success: Eighty percent of recent sellers say they sold at or above their asking price, according to the realtor.com survey. They also reported other benefits of selling in the competitive market, such as buyers forgoing repair concessions (28%); offers within a week (27%); and waived contingencies like inspections (25%).