Nearly 65% of homeowners planning to sell this year expect to list by the end of summer, which should provide a much-needed influx of inventory that should slow the explosive home price growth seen during the pandemic, according to a Realtor.com survey of prospective sellers.
Realtor.com Wednesday released the results of the online survey of 3,000 consumers conducted in February by HarrisX. More than six in 10 prospective 2022 sellers said they intend to put their homes on the market within the next six months, suggesting some upcoming relief to one of the worst housing shortages in history, it found.
“While sellers are expected to hold the upper hand in 2022, navigating the listing process remains a challenge – particularly for those also buying in today’s fast-paced market,” said George Ratiu, Senior Economist Manager of Economic Research at Realtor.com. “Homeowners who are ready to move forward with pandemic-delayed plans will find plenty of opportunity this spring and summer. 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.”
Whether the nearly two-thirds of potential sellers follow through with their plans to list in spring or summer will prove integral to buyers hoping to make a purchase before interest rates inch up even higher, according to the news release from Realtor.com.
“In a positive sign that homeowners are serious about listing, many sellers are already getting their home ready. However, they’re doing so with great expectations of the current market, which means buyers should prepare for sellers asking for high offer prices, quick closes, waived contingencies and more,” it said.
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The survey also asked about the experiences of recent sellers, “who said determining the right time to list was the longest stage of the process,” according to Realtor.com.