Despite increasing concern over interest rates, 48% of homeowners believe now is still a good time to sell, up from 45% in the second quarter, according to a survey conducted by real estate brokerage Redfin.
In the firm's latest survey measuring homeowner attitudes toward the housing market, 47% of home sellers said they were concerned that rising rates would cause a decrease in buyer demand, up 23% compared to the previous quarter. About 32% of respondents indicated they had no major concerns about selling – up 1% from the previous quarter.
The nationwide survey of 1,448 homeowners was conducted July 19-21.
‘Of course, home sellers are worried about interest rates, but the reality is that many buyers believe that rates will continue to go up,’ says Redfin Los Angeles real estate agent Eric Tan. ‘They know if they don't move now, they might be kicking themselves all over again in three months.’
In addition, 45% of respondents said they believe now is a good time to buy, up from 44% in the second quarter; 17% believe that home prices will rise ‘a lot’ in their area in the next 12 months, up from 15% in the second quarter; and 85% believe that home prices will rise in their area in the next 12 months, unchanged from last quarter.
‘Results from our seller survey point to growing confidence in the U.S. economy, and recognition that broad economic gains could erode sellers' advantages in the housing market as mortgage rates rise,’ says Redfin economist Ellen Haberle.
For more, click here.