Why Are Homeowners Not Selling?

• Zillow did a survey of homeowners and here is what they found.
• 34% of homeowners said uncertainty caused by COVID-19 is keeping them from selling.
• Much of this uncertainty is caused by financial anxiety due to job changes or losses.
• Also homeowners are concerned if they can find their next home or if they can afford their next home.
• Virus safety was "one of the least frequently cited concerns among homeowners."
• Another reason why people aren't selling is they just refinanced their home.

Zillow Chief Economist Jeff Tucker said, "The catch is that waiting to sell may raise the cost of a trade-up. This fall's record-low mortgage rates, which make a trade-up more affordable on a monthly basis, are NOT guaranteed to last." This is incredibly true and is why I have been telling people to buy their long-term home NOW!