A recent Zillow survey shows that 5% is the mortgage interest rate tipping point at which more homeowners will sell. Specifically, 38% of homeowners with a 5% or higher rate say they plan to sell in the near future vs. 21% who have a rate less than 5%. Since today’s rates are still higher than 5% and likely to stay up for a while, that means most homeowners will only move for major life events, like a new baby, job transfer, or retirement. When rates drop to the 5% range, we’ll see more movement in the home selling market.
5% rates may be the tipping point for sellers
