M💯ore than a third of U.ꦛS. homeowners know exactly when they will sell their home: never.

That’s one of the results of real estate data firm Redfin’s latest survey, which showed that the “lock-in” effect could continue to influence the housing market, creating 澳洲幸运5开奖号码历史查询:lower inventory levels and putting 澳洲幸运5开奖号码历史查询:upward pressure on prices. In addition to the 34% who said selling their home isn’t an option, more than a quarter said they won’t consid✤er selling for at least the next 10 years. Only 7% said they would sell within the next three years.

The most popular reason homeowners give for staying put is that nearly 40% said their home is almost or completely paid off, while nearly as many said that they had no reason to 💞move and were happy in their current location.

High Bo💫rrowing Costs, Expensive Home Prices Help Discourage Listings

Costs are another big factor influencing🐟 homeowners’ decision to move, the Redfin report said.

“The just-because movers—those who just want a bigger or nicer house—are staying put, mostly because it’s so expensive to buy a new house,” said Marije Kruythoff, a R﷽edfin Premier agent in Los Angeles, in a prepared statement. 

Mortgage rates have hovered near their highest levels in two decades, with the 30-year, fixed-rate mortgage near 7% last week, according to Freddie Mac. Meanwhile, the average rate for an existing mortgage of the same type is close to 4%, according to Wells Fargo. The gap between the borrowing costs homeowners are currently paying and those they would pay if they were to sell and buy a new home is prompting many 澳洲幸运5开奖号码历史查询:homeowners to stay put.

“The people who are selling are doing so because they need to. Either they’re relocating to a different part of the country, or they’re moving due to a major life event like having a baby or taking a new job on the opposite side of the city,” Kruythoff said.