A greater number of homeowners are interested in entering the housing market over the next six months, and they have some big expectations. Topping the list are bidding wars and a fast-paced sale, and they also look to buyers to forgo contingencies like home inspections and appraisals, according to a new realtor.com® survey of 2,583 consumers conducted this fall.
More than one-third of prospective sellers are ready to take advantage of the current market and believe they’ll make a profit on their home, the survey finds.
Homeowners say they want to move to get different features after spending more time at home since the pandemic began and a space that better meets their family’s needs; they also want to move closer to friends and family, the survey found. Also, with the growth of remote work, 23% of sellers say they want a home with a home office, and 19% say they no longer need to live near their workplace.
Buyers May Soon Get More Choices
Home shoppers who have faced limited choices in the housing market may soon find more options this winter from these sellers.
“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception,” said George Ratiu, manager of economic research for realtor.com®. But even as more listings come to the market, “buyers should be ready for high asking prices and offer deadlines as seller expectations of the upcoming market are greater than in the spring. But an increase in new sellers could mean some relief from the inventory crunch.”
Higher inventory levels lately have already helped to moderate this past spring’s double-digit price growth. Home prices are growing at 8% to 9% annual range lately, realtor.com® notes.
“As buyers race against the clock of rising mortgage rates, sellers who price their homes in line with today’s market and stick to their plans will likely see their expectations met,” Ratiu said.