Market Momentum: How Homeowners' Realistic Expectations are Shaping 2024 Sales

Market Momentum: How Homeowners' Realistic Expectations are Shaping 2024 SalesThe spring housing market is in full swing, and if you've been considering selling your home, now might be the perfect time to make your move. A recent survey from Realtor.com® and CensusWide provides valuable insights into the sentiments of potential and recent home sellers, shedding light on the current state of the housing mark.

Over 80% of potential sellers have been contemplating selling their homes for between 1 to 3 years, with the average duration of consideration being around 2 years. This suggests that many sellers have been carefully weighing their options and are likely well-prepared for the selling process.

Regret Among Recent Sellers:

Interestingly, a significant majority (79%) of recent sellers express regret that they didn't list their homes sooner, believing they could have capitalized on a more favorable market. This sentiment highlights the importance of timing when it comes to selling your home.

Market Trends and Mortgage Rates:

Choosing the right time to sell can be complex, especially considering factors like mortgage rates and market conditions. However, there is some good news for potential sellers. Mortgage rates are expected to ease slightly this year, and with limited inventory, buyers are eagerly searching for new options. This could create a favorable environment for sellers in 2024.

Buying and Selling Simultaneously:

While almost three-quarters of potential sellers plan to purchase a new home at the same time, this number has decreased from 85% compared to last year. This shift may be attributed to current mortgage rates, with 79% of potential sellers feeling locked into their homes due to low interest rates.

Adjusted Expectations:

As the market cools slightly, sellers are adjusting their expectations. Fewer sellers expect bidding wars or offers above asking price compared to previous years. However, this doesn't mean selling your home won't be profitable. Prospective sellers are hoping to sell for an average price of $462,000, with many aiming for the $400,000–$500,000 range.

Reasons for Selling:

The most common reasons homeowners are planning to sell include wanting to make a profit, lifestyle changes such as needing more space or downsizing, and needing to move for family reasons. Many potential sellers who do not plan to purchase a new home already have arrangements in place, such as owning another home, renting, or moving in with family or friends.

Getting Started:

For homeowners thinking about entering the market this spring, Realtor.com/sell offers a wealth of information, tools, and support. From getting proposals from multiple agents to accessing RealChoice Selling for expert guidance, homeowners can find everything they need to make the most of their sale.

If you're considering selling your home, 2024 could be a promising year to make your move. With careful planning and the right support, you can navigate the market with confidence and achieve a successful sale.

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