00:00 Speaker A
You say 83% of sellers think they will get their asking price or more. Now, that is optimistic. What what do you make of that?
00:07 Danielle
In order to decide to put your home on the market, you’ve got to think that you’re going to price it right. And that’s what that data really shows us. Those shares are actually very similar to what we saw um, at this time last year. So, um roughly half of sellers expect to get their asking price and a little more than a third expect to get above their asking price. A much smaller share are actually expecting to get below their asking price. So sellers are going in with some high expectations. This survey uh that we did of sellers that gave us those numbers also showed that uh sellers are expecting a little bit more reasonable terms when it comes to the contract itself. So even though they have high expectations on getting their asking price, they do show that they are more likely to expect to have to make a concession to buyers this year compared to last year.
01:21 Speaker A
Right now, mid- April, this is the best time to sell. How come? What what makes this window so special?
01:34 Danielle
It’s an opportunity because most sellers are not yet in the housing market. It’s usually not until May that we get to the peak uh new listing time period for sellers. In the meanwhile, a lot of buyers start their home search earlier. If they’ve got a rent lease that’s up maybe in the spring, they want to get in the market. As a result, we look at the number of buyers per listing, uh it is really at peak levels at this time of year. So that makes it a really good time for sellers to get into the market. They can expect higher than average prices, a relatively quick sale and have a less likelihood of having to make price cuts in order to get their home sold if they list in this best week.
02:22 Speaker A
I want to end you’re actually on the 30-year fixed. Per mortgage news daily, I’m just looking here, we’re at 629. Where where do you see that headed, Danielle, over the next, you know, call it 6, 12 months from here?
02:37 Danielle
I expect a little bit more stability this year than we’ve seen in the past couple of years on mortgage rates and so I think we’ll see them in the low 6% range. That’s about where we were uh before the Iran conflict. We actually got just below 6%. So, we could see mortgage rates settle just below 6% if we get a really complete resolution to that conflict. Uh but I I think it’s going to continue to be a wild card that will keep rates just above the 6% mark through the rest of this year.