As referenced earlier this week, fewer homeowners are selling these days.

Jan - Apr existing (resale) home sales in 2024 = 290

Jan - Apr existing (resale) home sales in 2025 = 243

So, what is motivating some homeowners to sell, and others to stay put?

Homeowners are often staying put because...

1.  They love their house and it works great for them now and into the future.

2.  Their house works reasonably well for them and they have a sub 4% mortgage interest rate, making the idea of selling and purchasing not so exciting given how their mortgage payment would increase.

I think a lot of homeowners (most? nearly all?) fit into one of those two categories above.

The homeowners who are selling may be doing so because...

1.  A job change is taking them to another market.

2.  Their home really doesn't work well for them any longer relative to size, space, layout, school district, etc.

3.  They are moving to a retirement community.

4.  They are moving out of the area to live near kids and grand kids.

5.  They are downsizing because kids are grown and gone.

What's not on this list?

Given the current mortgage interest rates of most homeowners (low) and the today's mortgage interest rates (higher than low) there aren't many homeowners who are selling just to move to a slightly larger home, or a slightly nicer home, or a slightly better location.

This is often referred to as the "lock-in effect" whereby many homeowners are hesitant to sell their current home because they have a low mortgage interest rate - often much lower than current rates.  Selling and buying a new home would mean taking on a new mortgage at a higher rate, resulting in a significantly higher monthly payment.  This financial disincentive is causing many homeowners to stay put, even if they might otherwise be ready to move.

Will you be selling your home yet this year?  If so, what will cause you to sell?  Did it make it onto my list, or did I miss something?