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Like the guy who snagged the window table at your favorite coffee shop and immediately opened up a blank doc called “screenplay,” homeowners are staying put. They’re keeping their homes for the longest time since at least the turn of the millennium, according to Axios:
That can make it hard for buyers, but the change may be coming to the housing market: Realtor.com found that homeowners with mortgage rates of 6+% recently surpassed the share with rates below 3% for the first time since 2020, giving fewer owners a reason not to move. And the Wall Street Journal reports that a Redfin analysis showed that ~62% of last year’s buyers snagged a home for below the original listing price—the highest proportion since 2019. |