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Home prices have made double-digit annual gains, and homeowners are seeing their equity surge. So, why aren’t more homeowners taking advantage by selling?
Homes.com recently surveyed nearly 5,000 of its online visitors to find out what’s holding potential sellers back and contributing to the nationwide inventory listing shortage.
After all, 76% of respondents not selling their homes reported they were actively searching for a new home, the survey found.
The top motivators respondents said that would get them to list and sell are:
60.2% said that securing their next home before selling
16.2% would move if they knew their current home could sell for asking price or top market price
14.7% said they would sell if they could get an offer without their home requiring any work or updates
8.9% said they’d move if they could have a quick closing process
“These insights highlight the vicious cycle plaguing the market, as many homeowners may not realize that they could be contributing to the lack of inventory they fear,” Homes.com notes in its study. “Those who want to take advantage of the current market climate, yet wait to list their homes, may not only run the risk of missing out on opportunities the current market offers but can perpetuate issues they’re trying to avoid in the buying process. The benefits of selling right now can far outweigh the reservations they may have.”