Home Sellers Less Worried About Rising Interest Rates: Redfin
Homeowners are less and less pushed to sell by market conditions, according to Seattle-based brokerage firm Redfin.
In an October survey, the company found that 16% of sellers considered the prospect of rising interest rates as one of three major incentives to sell their homes. This contrasts with 59% of respondents surveyed last year.
Instead, 29% of sellers said their top motivations included the desire to move to a larger home, while 27% cited relocating to a new city and 21% cited an aim to downsize.
Nevertheless, when asked for their concerns about selling, the general economic environment was a top deterrent, mentioned by 32% of homeowners surveyed.
"Seller optimism is flying high right now," said Redfin chief economist Nela Richardson in a Nov. 12 press release. "But buyers are more grounded now and pricing a home too high is risky. More sellers are having to drop their initial asking price this fall than a year ago."
In this context, 20% of the 730 home sellers surveyed between Oct. 18 and Oct. 20 listed cashing in on the value of their home as a major reason to sell.
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