Responses to Redfin’s Real-Time Seller Survey indicate continued confidence among home sellers, but growing concerns about interest rates. Although a quarter of home sellers have no major concerns about selling, nearly half are concerned that “interest rates will rise, lowering demand before I can get my home on the market.” This number more than doubled in just one quarter.
Here’s what sellers told us this quarter:
- Forty-seven percent indicated that rising interest rates will decrease demand for their home—up from just 23 percent in the second quarter—far and away the most-cited concern;
- Forty-eight percent believe it is a good time to sell, up from 45 percent last quarter, while 45 percent believe it is a good time to buy, up slightly from 44 percent last quarter;
- Twelve percent of those not planning to sell are renting out their home, while 49 percent of those who are planning to sell would also consider renting out their home instead of selling, down from 52 percent in the second quarter;
- Eighty-five percent of sellers believe that home prices will rise in their area in the next 12 months, unchanged from the second quarter; and
- Seventeen percent of sellers believe prices will rise “a lot” in their area in the next 12 months, up from 15 percent in the second quarter and more than double the 8 percent who expected large gains a year ago.
For the full report including data tables and charts, visit the Real-Time Market Sentiment in Redfin’s Research Center.