Are More Homeowners Selling as Mortgage Rates Come
Are More Homeowners Selling as Mortgage Rates Come Down?
If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.
The Mortgage Rate Lock-In Effect
Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up.
Early Signs Show Those Homeowners Are Ready To Move Again
According to the latest data from Realtor.com, there were more homeowners putting their houses up for sale, known in the industry as new listings, in December 2023 compared to December 2022.
Here's why this is so significant. Typically, activity in the housing market cools down in the later months of the year as some sellers choose to delay their moves until January rolls around.
This is the first time since 2020 that we’re seen an uptick in new listings this time of year. This could be a signal that the rate lock-in effect is easing a bit in response to lower rates.
What This Means for You
While there isn’t going to suddenly be an influx of options for your home search, it does mean more sellers may be deciding to list. And that means you may see more homes come onto the market to give you more fresh options to choose from.
As mortgage rates come down, more sellers may re-enter the market – that gives you an opportunity to find the home you’re looking for. DM me so you’ve got a local expert on your side who’ll help you stay on top of the latest listings in our area.
#firsttimehomebuyer #opportunity #housingmarket #househunting #makememove #homegoals #houseshopping #housegoals #investmentproperty #emptynest #downsizing #locationlocationlocation #beverlyhills #losangeles #westhollywood #brentwood #malibu #pacificpalisades #santamonica #venice #westlake #california #calabasas #claremont