Is the inventory drought soon to end? That’s the relief being floated by realtor.com, who, along with HarrisX, surveyed 3,000 consumers in February 2022, to inquire about listing timeframes.
And the survey says that 64 percent of prospective 2022 sellers anticipate listing within the next six months—and they expect a profit! The survey found that 9 percent of respondents had already listed, while 11 percent are getting ready to list within the next 30 days. Some 24 percent plan to list within 1-3 months, and 20 percent are looking to list in 4-6 months.
According to the data, said sellers expect to ask for relatively affordable prices, and include a higher share of millennials than last Spring.
“Our survey data illustrates the importance of helping empower homeowners to take control of the listing process, by providing information about market conditions, prices and seasonal trends, like the best dates to list your home,” said George Ratiu, Senior Economist & Manager of Economic Research at realtor.com. “While sellers are expected to hold the upper hand in 2022, navigating the listing process remains a challenge—particularly for those also buying in today’s fast-paced market.
“Homeowners who are ready to move forward with pandemic-delayed plans will find plenty of opportunity this Spring and Summer,” Ratiu continued. “Although accelerating inflation is leading to higher housing costs and living expenses, many buyers remain interested in finding a home. At the same time, recent housing trends suggest demand is beginning to moderate as higher mortgage rates push monthly payments out of some buyers’ budgets, underscoring the long-term need for more affordable inventory.”
When asked why they’re planning to list in 2022, surveyed sellers’ top reason was wanting to profit off the current market, tied with their home no longer meeting their families needs.
When it comes to the fastest growing demographic in real estate, millennials represent 49 percent of sellers who plan to list within the next six months, according to the survey.