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Market Update: Homeowners are Making Moves

Market update image with a moving van

Interested in the latest market update?

In recent years, surges in mortgage rates prompted many homeowners to hit the pause button on their moving plans. The fear of taking on a higher rate for their next home led to hesitation.

However, as the market evolves, more homeowners are reconsidering their stance. Mark Zandi, Chief Economist at Moody’s Analytics, notes that factors like life events and job changes are now pressuring locked-in homeowners to sell, resulting in increasing inventory.

Why a Homeowner Would Buy/Sell Today

market update graphic explaining why people might move today

But what about you? What would motivate you to make a move?

Perhaps it’s pursuing your dream job, finding a community with more to offer, or simply needing more space for your growing family. It’s also worth considering that mortgage rates are expected to decrease over the year, leading to increased buyer competition once they do. Home prices are likely to increase with the influx of competition.

So, is now the right time to move?

It depends. Factors like current mortgage rates, future projections, and your personal motivations all come into play. We’d love to talk to you about your current real estate goals and help you to navigate these decisions.

The Takeaway

With more homeowners considering a move and increased buyer competition, it may be time for you to reassess your plans. Reach out today to discuss your priorities and determine if now is the right time for you to enter the market.


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Content by JPRE Group Oakland Realtor®

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