Home Sellers Don’t Want to Budge on Asking Prices

Home sellers reported feeling optimistic heading into the spring buying season. According to National Mortgage Professional, which cites data from real estate marketing platform Realtor.com, 81% of potential home sellers believe they will receive at least their asking price this year. Despite ongoing mortgage rate and affordability concerns, 70% of those surveyed say they believe now is a good time to sell. Others—approximately 79%—are selling out of pure necessity, such as for more space or to move closer to relatives. Additionally, 75% of potential sellers think their homes will sell within the average time frame or faster. 

While optimism is high, nearly two-thirds (61%) of respondents have been contemplating a sale for over a year, with 46% saying they've been considering it for one to two years. Mortgage rates are a clear roadblock. Half of those with a mortgage feel “locked in” by their current rate, a figure that rises to 55% for sellers who’ve been waiting over a year.

Expectations around interest rates are playing a significant role in shaping plans. Of those who believe rates will rise, 43% say that possibility makes them more likely to sell, while 20% say it would make them less likely. Conversely, 69% of those expecting rates to fall say that would increase their likelihood of listing. Read more