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386 315 4744
James@JamesJestes.com

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Are More Homeowners Selling as Mortgage Rates Come Down?

Are More Homeowners Selling as Mortgage Rates Come Down? Simplifying The Market

If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.

The Mortgage Rate Lock-In Effect

Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains:

“The lack of housing supply was partly driven by the rate lock-in effect. . . . With higher rates, the incentive for existing homeowners to list their property and move to a new house has greatly diminished, leaving them rate locked.”

These homeowners decided to stay put and keep their current lower mortgage rate, rather than move and take on a higher one on their next home.

Early Signs Show Those Homeowners Are Ready To Move Again

According to the latest data from Realtor.com, there were more homeowners putting their houses up for sale, known in the industry as new listings, in December 2023 compared to December 2022 (see graph below):

 

Here’s why this is so significant. Typically, activity in the housing market cools down in the later months of the year as some sellers choose to delay their moves until January rolls around.

This is the first time since 2020 that we’re seen an uptick in new listings this time of year. This could be a signal that the rate lock-in effect is easing a bit in response to lower rates.

What This Means for You

While there isn’t going to suddenly be an influx of options for your home search, it does mean more sellers may be deciding to list. According to a recent article from the Joint Center for Housing Studies (JCHS):

“A reduction in interest rates could alleviate the lock-in effect and help lift homeowner mobility. Indeed, interest rates have recently declined, falling by a full percentage point from October to November 2023 . . . Further decreases would reduce the barrier to moving and give homeowners looking to sell a newfound sense of urgency . . .”

And that means you may see more homes come onto the market to give you more fresh options to choose from.

Bottom Line

As mortgage rates come down, more sellers may re-enter the market – that gives you an opportunity to find the home you’re looking for. Connect with a real estate agent so you’ve got a local expert on your side who’ll help you stay on top of the latest listings in our area.


GIVE ME A CALL AND LETS TALK ABOUT YOUR REAL ESTATE NEEDS – JAMES JESTES 386-315-4744

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Listing courtesy of James Jestes of EXP Realty LLC
4555 S Atlantic Avenue 4209 Ponce Inlet FL 32127
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4555 S Atlantic Avenue 4209 Ponce Inlet, FL 32127
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WELCOME HOME to Your FURNISHED 3 Bedroom 3 Bath Beachside Condo at The Towers in Ponce Inlet. Located on the Sunny South Side of the Building with Open Floor Plan and Split Bedrooms. You Will Love the Kitchen with Breakfast Bar. Breathtaking Ocean Vi

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131 Barrier Isle Drive Ormond Beach, FL 32176
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This is a gorgeous beach side abode. An entertainers dream. Huge open spaces allow for a light and airy feeling. Off the living room is a giant flex room for entertaining or office space. Split floor plan and everything is remodeled. New roof wi

Listing courtesy of Tracie Culver of Culver Realty & Property Management
725 N Grandview Avenue Daytona Beach FL 32118
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725 N Grandview Avenue Daytona Beach, FL 32118
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Modern Beachside Beauty - Just One Block from the Water! Built in 2021, this move-in-ready 3-bedroom, 2-bath home with a rare 3-car garage blends modern construction with laid-back coastal living—all just a short stroll to world-famous Daytona Beach.

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Related posts:

  1. How Upset Should You Be about 3% Mortgage Rates?
  2. Mortgage Rates Will Come Down, It’s Just a Matter of Time
  3. Mortgage Rates Are Dropping. What Does That Mean for You?
  4. Top Reasons Homeowners Are Selling Their Houses Right Now

Posted in: Blog, Buying Myths, For Buyers, Housing Market Updates, Move-Up Buyers

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James Jestes Broker Associate SRN Real Estate Pros

James Jestes


Broker Associate | eXp Realty
386-315-4744
James@JamesJestes.com
I'm Available Daily:
8:00AM to 8:00PM

Call, Text or E-mail!

"As an Associate Broker with eXp Realty, I am dedicated to helping families and individuals accomplish their real estate goals by providing dedicated service when buying or selling a home. I have served my country in the U.S. Army and the U.S. Marines; I bring that same sense of service and selflessness to every one of my customers."

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BUY AND SELL REAL ESTATE WITH JAMES JESTES

James Jestes Broker Associate SRN Real Estate Pros

James Jestes


Broker Associate | eXp Realty
386-315-4744
James@JamesJestes.com
I'm Available Daily:
8:00AM to 8:00PM

Call, Text or E-mail!

"As an Associate Broker with eXp Realty, I am dedicated to helping families and individuals accomplish their real estate goals by providing dedicated service when buying or selling a home. I have served my country in the U.S. Army and the U.S. Marines; I bring that same sense of service and selflessness to every one of my customers."

FEATURED LISTINGS

No Results Found.

SEARCH ALL OF THE GREATER DAYTONA BEACH AREA

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James Jestes, Your new favorite Realtor.

Hello my name is James Jestes and I am a Broker Associate with eXp Realty.  I am dedicated to helping you find your perfect new home. I’m a no hassle, no pressure agent here to help you accomplish your real estate goals. Please reach out to me and let me know how I can help you purchase or sell your home.

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James Jestes
eXp Realty
386-315-4744
James@JamesJestes.com

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