Those looking to sell in the next year are happy with their home equity but don’t want to take on a higher mortgage rate in order to move

The Best Time to Sell your home is upon us, but there is one major issue holding sellers back – high mortgage rates. According to a new survey from® and HarrisX, the vast majority (86%) of those planning to sell their home in the next 12 months are also planning to buy a new home. And because most of these sellers will be taking on a new mortgage, this creates a major affordability hurdle. In fact, 82% of these seller-buyers feel “locked in” by their currently low mortgage rate. As a result, more than half of seller-buyers (56%) who are planning to sell in the next 12 months said they are waiting for rates to come down, while 25% need to sell soon for personal reasons.

“One positive aspect that came out of the pandemic was historically low mortgage rates – and many people took advantage of this opportunity to buy their first home, upgrade to a more expensive home or refinance the home they were in,” said® Chief Economist Danielle Hale. “Unfortunately, this comes with a bit of a catch-22, as homeowners who locked in a 30-year fixed rate in the 2-3% range don’t necessarily want to give that up in exchange for a rate in the 6-7% range.”

Home equity at all-time highs
The good news for sellers is that they have a lot of equity in their current home. Eighty-five percent of potential sellers are happy with the amount of equity they have in their home. Specifically, 74% estimate that they have more than $100,000 in home equity and 20% estimate that number to be more than $300,000.

Sellers still have sky-high expectations
Despite higher mortgage rates, sellers still have high expectations for their home sale, in many cases even higher than potential sellers who were surveyed in Aug. 2022. Thirty-three percent of potential sellers said that they want to take advantage of the current market and think they can make a profit. Even in this shifting market:

  • 43% expect to get their asking price (up from 27% in 2022)
  • 37% expect to have an offer within a week (compared to 33% in 2022)
  • 35% expect buyers to be willing to forgo contingencies like inspections and appraisals to make the deal (compared to 30% in 2022)
  • 34% expect an all-cash offer (up from 22% in 2022)
  • 31% expect to get more than their asking price (compared to 30% in 2022)
  • 27% expect a bidding war to take place (compared to 32% in 2022)

“Given the changing housing market, it’s important for buyers and sellers alike to have realistic expectations heading into a home sale,” said Hannah Jones,® economic data analyst. “By understanding the local market, sellers can make sure that they’re pricing their home well to help ensure a quick sale and avoid a home that lingers on the market.”

Survey Methodology
The survey was conducted online from Feb. 3-10, 2023, among 2,286 adults in the U.S. by HarrisX. The sampling margin of error of this poll is +/- 2.1 percentage points and larger for subgroups. The results reflect a nationally representative sample of U.S. adults. Results were weighted for age by gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population.

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