Nearly a quarter (23%) of homeowners surveyed in Q2 2023 for Zillow Group Population Science’s Quarterly Survey of Homeowner Intentions and Preferences (QSHIP) indicated that they are considering putting their homes on the market for sale within the next three years or have already listed. This marked an increase in the percentage of homeowners likely to sell from 19% in the previous quarter (Q1 2023).
The reason homeowners cited most frequently as a reason to sell was wanting a home with nicer features. This was followed by the expectation of getting a higher sales price than would be possible in the future. The next frequently cited reason for listing was an increase in family size.
Of course, mortgage rates also play a role in the decision-making process. Of the homeowners surveyed, those with a current interest rate above 5% were twice as likely to think about selling compared to those with a rate below 5%. More than a third of homeowners who weren’t thinking about selling in the next three years are concerned that any new home they find will come with a higher payment and loan rate.
Photo: iStock.com/mtreasure
