Home prices are up 14% compared to this time last year, and mortgage rates have driven the average monthly payment 50% higher over the same period, so affordability remains a key concern for people looking to move.
Nearly half (49%) of sellers said they plan to sell their home at $500,000 and below, with 15% of them aiming for $200,000 or less, according to a report released Tuesday by real-estate site Realtor.com.
This year’s sellers “are looking to buy their next homes at more approachable price points,” the report noted, with more than half (53%) of sellers aiming to buy a property priced at $500,000 and below, and 17% looking for one costing $200,000 or below.
Roughly 29% of sellers are trading up, and 32% making a lateral price move. (This is the first year Realtor.com asked these specific questions.)