{"id":3847,"date":"2024-03-27T11:08:40","date_gmt":"2024-03-27T15:08:40","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=3847"},"modified":"2024-06-16T22:59:50","modified_gmt":"2024-06-17T02:59:50","slug":"time-for-a-move-sellers-are-perking-up","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/time-for-a-move-sellers-are-perking-up\/","title":{"rendered":"Time for a Move? Sellers Are Perking Up."},"content":{"rendered":"\n
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Home sellers are back. It\u2019s an important sign of confidence in the U.S. housing market.<\/p>\n\n\n\n

Fannie Mae keeps tabs on people\u2019s feelings (\u201csentiment\u201d) about the market. And people are feeling better about it \u2014 if they happen to be potential sellers. Two-thirds of the people surveyed told Fannie Mae this is a good time to sell.<\/p>\n\n\n\n

Then there are the would-be buyers. With the median U.S. listing price hovering close to $400K, just 17% of the survey\u2019s respondents think now\u2019s a good time to buy. Home buyers have to deal with elevated home prices and<\/em> mortgage rates.<\/p>\n\n\n\n

But spring is in the air. And springtime sellers are placing homes on the market. That\u2019s pressing the number of 2024 mortgage applicants<\/a> up, too.<\/p>\n\n\n\n\n\n\n\n

As Mortgage Rates Fall, Will Even More Sellers Come?<\/h2>\n\n\n\n

The typical mortgage is a 30-year, fixed-rate loan. This type of loan has an interest rate of about 6.9% as of late March 2024. That\u2019s a high rate, relative to what most current mortgage holders pay.<\/p>\n\n\n\n

While the rates are still sidelining many potential buyers, this should be less of an issue as the year unfolds. Interest rates are widely expected to dip down after a series of federal bank rate cuts likely to begin this summer.<\/p>\n\n\n\n

We can\u2019t expect to see a return to the bargain-basement rates homeowners grabbed in 2021. But rates are already easing downward from their 7.8% peak last October.<\/p>\n\n\n\n

And now, Fannie Mae\u2019s survey shows, both buyers and sellers feel better about where mortgage interest rates are likely headed. Fannie Mae envisions rates as low as 6% later this year. A dip like that will definitely draw more sellers into the market. For them, moving into a new place with a 6% mortgage rate isn\u2019t so painful as having to accept 7%+.<\/p>\n\n\n\n

Some Buyers Are Bidding\u2026<\/h2>\n\n\n\n

Latest figures from the National Association of REALTORS\u00ae (NAR) show home prices generally higher than they were last year at this time, by about 6%. That\u2019s good news for the sellers.<\/p>\n\n\n\n

Homeowners in some markets are putting their homes up for sale, and promptly finding themselves choosing among multiple buyers. As we can imagine, a lot of these spring buyers are very financially strong:<\/p>\n\n\n\n