PR Newswire
SANTA CLARA, Calif., Nov. 11, 2021
SANTA CLARA, Calif., Nov. 11, 2021 /PRNewswire/ -- After sitting on the sidelines as low mortgage rates fueled homebuyer demand and listing price growth throughout the pandemic, the majority of prospective sellers1 are eager to enter the housing market within the next six months, according to a new Realtor.com® Survey released today. Although sellers' expectations for bidding wars and fast-paced sales have only gotten higher since the spring, the potential uptick in new listings offers holiday hope to buyers challenged by the shortage of for-sale homes.
"The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter," said George Ratiu, Manager of Economic Research for Realtor.com®. "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. In addition, as more homes have entered the for-sale market, price growth has moderated from the spring's double-digit levels to a more approachable 8%-9% range. Seasonality will play a key role in seller activity levels as we approach the typically-slower holiday period, with new listings already slipping in recent weeks. 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."
Realtor.com®'s survey of 2,583 consumers, which was conducted online by HarrisX in September-October 2021, found that:
The majority of prospective sellers plan to list before the end of the year or in early 2022.
Consumers' top reasons for selling reflect the rising influence of more time spent at home during COVID.
Sellers have greater expectations of the current market this winter than in the spring.
Today's prospective sellers plan to list in relatively affordable price ranges and are potentially more willing to compromise if their expectations aren't met.
"The right time to sell your home is a deeply personal decision that has to be right for you and your family. For homeowners who do feel ready to sell, getting pricing right from the start is key to a fast and successful home sale in any market – take the goldilocks approach," said Lexie Holbert, Home & Living Expert at Realtor.com®. "If you're looking for resources and tools to help with everything from setting a price to finding your family's next home at the same time, Realtor.com® users can explore options like initial cash offers from Opendoor in its Seller's Marketplace."
Table 1 | ||
What are your plans after selling your home? | March 2021 | Sept.-Oct. 2021 |
I plan to buy a next home to move into | 62% | 31% |
I'm moving in with family | 5% | 19% |
I'm moving into a retirement home | 1% | 16% |
I'm planning to rent | 10% | 11% |
I'm planning to purchase a mobile home/RV | 2% | 10% |
I'm planning to move into another property that I own | 7% | 9% |
No plans. I don't live in the home I'm selling. | 8% | 3% |
Table 2 | ||
Which of the following do you expect to happen as a result of selling your home in 2021? | March 2021 | Sept.-Oct. 2021 |
Expect buyers to be willing to forgo contingencies like inspections and appraisals to make the deal | 16% | 44% |
Expect to get my asking price | 53% | 43% |
Expect to have an offer within a week | 25% | 42% |
Expect to get more than my asking price | 24% | 39% |
Expect a bidding war to take place | 16% | 38% |
Expect an all-cash offer | 16% | 35% |
Do not expect any of these | 13% | 1% |
Methodology
Realtor.com® commissioned HarrisX to conduct a national survey of consumers. The total sample size was 2,583 adults. The survey was carried out online from Sept. 23-Oct. 1, 2021. The sampling margin of error of this poll is ±1.9 percentage points. The figures represent a national view of U.S. adults. Results were weighted for age, gender, region, race/ethnicity and income, as well as those first-time homebuyers or those selling in the next 12 months, where necessary to align them with their actual proportions in the population.
About Realtor.com®
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
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1 In this release, prospective sellers refers to surveyed homeowners who plan to sell their home within the next 12 months.
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SOURCE Realtor.com
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