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Trend 1: Homeowners feel stuck
More than one in five homeowners would like to move before the end of 2023. But only one in 10 of those homeowners feel like the move will happen.
Homeowner break down
Why? Blame affordability. Of those who want to move but don’t think they will, most cited high mortgage rates and high home prices as the reason why not. Interestingly, inventory doesn’t seem to be much of a concern any longer — only about 5 percent cited a lack of choice.
What would stop you from moving in your desired timeframe?
We also asked those who cited home prices as the reason they’re stuck what would need to happen to “unstick” them.
How much of a decline in home prices would there need to be for you to consider purchasing another home in the next 6-12 months?
Trend 2: Homeowners Believe Mortgage Rates Will Stay High
Homeowners don’t hold out much hope that mortgage rates will decline in the next year. We asked all homeowners what they thought would happen. Most said they would be at least somewhat higher than they are now.