In January, signs of a thaw emerged in the U.S. residential real estate market after a slow December, with more homeowners listing homes for sale. The "lock-in effect," where homeowners hesitate to sell due to low mortgage rates, is easing as sellers accept higher mortgage rates as the new standard. Realtor.com reports a surge in new listings, marking the busiest January since 2021, with overall inventory rising significantly. Experts project a continued increase in home sales as the effects of time and stabilizing rates gradually lessen the barriers to selling.
"While rates remain elevated, it is possible that we might be seeing that chiseling effect starting as sellers may grow tired of waiting for significant changes in rates."
"Further, while the lock-in effect remains a factor for many sellers, the strength of the effect is gradually waning."
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