With mortgage rates surpassing 7%, many homeowners are only selling if there is a pressing need to do so.
Elsa Ortega is expecting a child at the end of October and closed on a home in El Paso, Texas during the summer. When Ortega and her husband wanted to sell their three-bedroom single-family home for a larger three-bedroom house, they initially were skeptical.
But they ultimately decided it was worth it: Elsa wanted a larger back yard for their expanding family, and her husband wanted a bigger kitchen and living area. So when they found something that ticked all of those boxes, despite the higher interest rate, they moved fast. “We know from our data that almost half of home sellers are influenced by a growing family and the need for more space,” he said. “Those sellers are likely to be less deterred by financial factors like higher mortgage rates, which are holding many back.”Of course, couples who are expecting a child are just one of many reasons why some people are prepared to sell in this market — and potentially swap a lower interest mortgage rate for a higher one.
As Redfin RDFN, -1.23% CEO Glenn Kelman told MarketWatch last month: “There are people moving because they have to.” After all, only a tenth of mortgages have a mortgage rate over 6%, according to recent research. Indeed, one in 10 homeowners told Redfin they were selling up because they were being called back into the office. Redfin Premier real-estate agent Shauna Pendleton told Redfin researcher that she has two clients who are selling a home they bought a year ago because their Seattle-based employer wants them to return to the office.
“With many employers bringing their employees back to the office part- or full-time, living more than about 50 miles from work is no longer a viable option,” said Cohn, who is regional vice president at William Raveis Mortgage.
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