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Why Have More People Decided To Sell Their Homes Lately?

Friday, October 25, 2024   /   by Dick Keenan

Why Have More People Decided To Sell Their Homes Lately?

Typically, home listings slow down as summer ends, which results in fewer homes hitting the market in the fall. But this year saw a surprising twist: mortgage rates dropped just as the seasonal slowdown usually begins, motivating more homeowners to sell.


According to recent Realtor.com data, the number of homes listed for sale in September jumped by 11.6% compared to the same time last year. Instead of the usual decline, more homes came onto the market.


Ralph McLaughlin, Senior Economist at Realtor.com, explains that this unseasonal increase is tied to mid-August’s drop in mortgage rates, which spurred more people to list their homes.


What This Means for Buyers


For buyers, this shift means more fresh options to choose from—homes that haven’t been sitting unsold. However, mortgage rates have been unpredictable lately and have nudged up recently, which may keep some homeowners from listing. In this market, mortgage rates are a significant factor in the decision to sell.


Why Act Now?


Whether you’re looking for a first home, an upgrade, or a downsized space, you have more homes available to you right now. New listings won’t last forever, though, so staying on top of local inventory with the help of a knowledgeable agent is key.


And remember, a single month doesn’t set a trend. Moving forward, the number of homes listed will depend heavily on mortgage rates and broader economic conditions, including inflation, employment, and the Federal Reserve’s actions.


As Lawrence Yun, Chief Economist at the National Association of Realtors, puts it, “The rise in inventory means home buyers are in a much-improved position to find the right home at more favorable prices.”


Bottom Line


With rates dipping at summer’s end, more sellers entered the market, offering buyers a wider selection. Let’s connect to ensure you have a guide to help you seize these new options before they’re gone.

The Keenan Carter Group
Richard Keenan And Narlene Carter Keenan
350 James Way, Ste 130
Pismo Beach, CA 93449
805-773-7711
Keller Williams Realty Central Coast DRE# 02005015
The Keenan Carter Group DRE# 00860187
Each Office is Independently Owned and Operated.

Based on information from California Regional Multiple Listing Service, Inc. as of November 7, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS.
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