SEATTLE, Jan. 16, 2024 /PRNewswire/ — Buyers are getting some much-needed relief, and more homeowners appear to be breaking free of “rate lock,” according to the latest monthly report1 from Zillow®. Yet despite improvements in inventory, competition for homes is still relatively stiff.
“Buyers found significant savings as rates fell. But mortgage rates are fickle things, as we’ve seen in recent weeks, and they’ll play a massive role in determining appreciation and affordability — especially for first-time buyers — going forward in 2024,” said Skylar Olsen, Zillow chief economist. “Fortunately, rate lock appears to be wearing off for some homeowners, who show encouraging signs that they’re ready to come back to the market.”
A recent Zillow survey of homeowners found that 21% are considering selling their home within the next three years. That’s up from 15% a year ago.
The survey, fielded in Q4 of 2023, also found that the share of homeowners considering selling was almost the same whether they had a mortgage rate above or below 5%.
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