Plot Twist!! The Surprising Reason Why More Homes May Be Hitting the Market
A recent Redfin survey revealed a surprising stat that is GREAT news for our low-inventory housing market and prospective homebuyers.
While it's true that many homeowners are holding onto their properties to preserve their low mortgage rates, there's a twist in the tale.
Approximately one in ten home sellers are choosing to sell, sometimes at a loss, due to their employers' return-to-work policies. It's a move driven by the changing dynamics of the post-pandemic work environment.
But here's the kicker: returning to the office isn't the sole motivator for selling their home possibly below market value.
For many, the desire for more space remains a top priority, followed by the wish to be closer to family or achieve a lower cost of living.
True, mortgage rates are a challenge in today's market. However, here's the encouraging part: the survey also revealed that a significant number of respondents are still planning to sell their homes and relocate within the next year despite these obstacles.
So, if you've been feeling disheartened by the complexities of the real estate market, remember that hidden opportunities may be waiting for you. All it takes is for you to be prepared! Get started on your home loan pre-approval online or give us a call to talk to a local mortgage professional.