Are Homeowners Getting Ready to Sell?
A new study of 2583 consumers and their sentiment by Harris Pollsters suggests more homeowners are readying to sell their homes. They’re feeling they can take advantage of a hot real estate market before prices fall and want to sell in the next 6 months.
They found sellers actually want and need different features in a home such as a home office, more bedrooms to raise a family, and some want to move closer to friends and family. More sellers say they want remote work (23% vs 6% last March).
The receding pandemic is no doubt making home owners feel they can finally list and sell, and find another home live in. Of course, many of them are finding homes to buy in less expensive regions of the country.
Of course demand in the Florida housing market, California housing market, and markets in Texas, Colorado, New York, and other states is still intense. Although inflation is jumping, it might only serve to add to the final price sellers receive. They believe they will get their price amidst a bidding war.
The poll just conducted for NAR and posted on Realtor.com, shows some interesting expectations:
- 93% of prospective sellers have already begun the listing process and 28% are working with a real estate agent
- 36% of those hoping to sell have done some research on comparable home prices in their neighborhood and they’ve begun some home improvements to improve the selling price and salability
- about half of prospective sellers this fall would like to take advantage of current market prices, believing they will profit well on the sale and that is up from 24% last spring
- 77% of prospective sellers say they’d accept a lower offer to close quickly up from 54% last spring
But will home prices fall? The poll shows the desire to sell really is higher and likely could cause home prices to fall this winter and spring. Yet, if the economic recovery continues as supply issues are eased, sellers may get an excellent price during 2022. As immigration resumes and as Millennials build their downpayments, demand will resume as well.
What the poll might show us is that home owners are two years older after the pandemic period and they’re eager to move on with their lives. The rise of remote work looks to be permanent for many reasons and employers have discovered that hiring the best available contractors has big business benefits.
Of course, Harris Polls has also discovered a big fall in confidence in the current government and Americans believing the country is on the wrong track. We’ll see GDP numbers, jobs numbers, consumer sentiment ratings, housing construction data, and interest rate forecasts as the winter progresses.
If sellers want a high price as more homes are listed, they’ll likely want to hire an agent who knows how to launch a bidding war and ensure a good bid.
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