More homeowners appear willing to sell their homes, a recent Zillow survey of homeowners suggests. Nearly one in five respondents indicated their homes were already listed for sale or they would consider selling their home within the next three years, Zillow reported.
In the first half of December, the company received responses from 1,788 homeowners on a range of questions.
Among respondents who indicated they might sell, some 15% said their home was already listed, while 48% indicated they would consider selling within the next year. A further 36% said they would consider doing so in the next two or three years.
The overall number willing to sell ticked up from summer and fall surveys but remains below the percentages in most of the 2023 surveys, Zillow said.
The share of homeowners with no intention of selling also shrunk from prior surveys, Zillow reported. Some 42% of respondents in the latest survey indicated they had no intention of selling. In 2021 and 2022, that share was above 50% in surveys, Zillow said.
Respondents listed a desire for an upgraded home as the top reason for moving. Almost half said they plan to sell their home for a profit or use the equity for another purpose, Zillow said. Others cited a change in their household size as a factor.
Zillow also asked people who have no intentions of selling why they want to stay in place. More than 70% said they love their current home. Concerns about the price of homes was another major reason cited by respondents.
Zillow also asked about the impact of mortgage rates on decision making. It found that homeowners with rates between 4%-4.99% were the most likely to sell. Some 11% of mortgaged homeowners have a rate above 6%, Zillow said. That percentage has doubled in two years.
Author
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Victor Whitman is a contributing writer for Scotsman Guide and a former editor of the publication’s commercial magazine.