Another is moving to Florida with her sister because her husband passed away she built up a lot of equity, so is able to pay in cash. One of my sellers is moving because she wants to buy her father’s house and he’s giving her a deal, which helps offset the higher mortgage rate she’ll take on. “Everyone has a different reason for relocating. “I’ve had a lot of sellers reach out to me recently saying they’re ready to list their homes-a reversal from recent months,” said Heather Mahmood-Corley, a Redfin Premier real estate agent in Phoenix. Rates have fallen further this month, which means pending sales may post a bigger increase in November. Mortgage rates fell slightly at the end of October, which could have contributed to the uptick in pending sales as buyers went to lock in lower borrowing costs.And other buyers are jumping in because they want to relocate to somewhere more affordable. But not everyone can wait forever major life events like divorce and new jobs are bringing some buyers back to the market. Many house hunters have been on the sidelines for months, waiting for mortgage rates and prices to drop. People have to move, even when it’s expensive to do so.More than one-third of sellers are offering concessions, which can include money for repairs, closing costs and/or mortgage-rate buydowns. Roughly 1 in 5 (20.8%) homes that sold in October had a price drop, just shy of the 21.6% record high hit a year earlier. Sellers are cutting prices and offering concessions to entice buyers.Active listings, the total number of homes for sale, rose 1.4% month over month to the highest level since May and were down 12.5% from a year earlier-the smallest decline in four months. They fell 4.5% from a year earlier, but that’s the smallest decline since summer 2022. New listings in October were comparable with September’s level, which was the highest in six months on a seasonally adjusted basis. The more homes there are on the market, the more can sell. ![]()
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