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A Changing Housing Market?

  • 2 years ago
  • 1

Article by Kathy Fettke | Real Wealth Network

The spring home buying season is about to get interesting. A new survey shows that homeowners are in the mood for selling, and that 12.1 million of them are preparing to put their homes on the market. Lenders say they are also seeing a big surge in mortgage applications among people getting ready to buy.

NerdWallet conducted a survey of almost 1,500 homeowners in mid-April to find out what they are planning to do. Of the more than 12 million people who want to sell, the survey shows that 16% of them plan to do so in the next 18 months. Many of them say they are selling sooner than they had previously planned because of changes in the housing market.

NerdWallet’s housing expert, Holden Lewis, says, “Homeowners can see that we’re moving away from a strong seller’s market in many areas. So, their feelings and motivations are shifting, too.” Survey results appear to indicate that sellers are also responding to an increasing number of buyers as mortgage rates drop.

As the selling activity increases, that also opens the door for sellers who want to trade up because they will have more to choose from. They’ll be able to sell one home and buy another more easily. NerdWallet says, “Nearly 3 in 5 of those planning to sell in the next 18 months say there are more homes available for buyers to pick from in their areas.”

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