As always, when determining the most exclusive areas for high-priced real estate, we calculated median sale prices based on closed home sales, not asking prices, as we consider this methodology to provide the most accurate picture of actual market dynamics. Whereas asking prices reflect sellers wishes, calculating medians based on sale prices reflects the transactional reality on the ground.

Wednesday April 10th, 2024 For Sellers, Mortgage Rates

When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didn’t want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you?

In today’s market, data shows more homeowners are getting used to where rates are and thinking it may be time to move. As Mark Zandi, Chief Economist at Moody’s Analytics, explains:

“Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates aren’t going back anywhere near the rate on their existing mortgage.”

A recent study from Bank of America sheds light on some of the things homeowners say would make them sell, even with rates where they are right now (see visual below):