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An additional 27% said they have no plans to sell their homes for at least 10 years.
Its unsurprising these types of homeowners are holding steady in the market.
Nearly one-third of respondents (30%) indicated they wont be going anywhere until home prices fall.
In todays market, it can be hard to get a mortgage rate under 7%.
For this reason alone, 18% of respondents said they arent going anywhere anytime soon.
What Does This Mean for Homebuyers?
Until rates and prices fall, most homeowners arent going anywhere.
What may chip away at the inflexible market are lower interest rates.
They likely would increase available inventory, making home prices more affordable.
However, this is far from a certainty.
With the economy continuing to prove surprisingly resilient, the Fed still has to be wary about containing inflation.
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