High mortgage rates just one reason homeowners reluctant to sell, survey shows
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High mortgage rates are not the only reason homeowners are reluctant to sell; liking their homes, proximity to family/friends, and high prices also play a role.
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29% of homeowners surveyed said they plan to stay longer than originally intended; only 21% cited high rates as the main reason.
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There is a shortage of housing in the U.S.; not enough homes built compared to household formation.
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Homeowners renovated during pandemic, making homes more appealing to stay in.
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Even if rates fall, economists don't expect a surge in home listings due to other factors keeping homeowners from selling.