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Homeowners planning to sell their properties have good news and bad news for the housing market, according to a new survey from and HarrisX.

The good news is the overwhelming majority of those planning to sell their homes in the coming 12 months (86%) are also planning to buy a new home. But the bad news is most of these sellers will be taking on a new mortgage, but rates are considerably higher now than in the time they bought their homes – thus, 82% of these seller-buyers felt “locked in” by their currently low mortgage rate more than half of seller-buyers (56%) are waiting for rates to come down.

“One positive aspect that came out of the pandemic was historically low mortgage rates – and many people took advantage of this opportunity to buy their first home, upgrade to a more expensive home or refinance the home they were in,” said Chief Economist Danielle Hale. “Unfortunately, this comes with a bit of a catch-22, as homeowners who locked in a 30-year fixed rate in the 2-3% range don’t necessarily want to give that up in exchange for a rate in the 6-7% range.”

And perhaps the homeowners may not be in a hurry to vacate their premises. The survey found 85% of potential sellers were happy with the amount of equity they have in their home –74% estimated they have more than $100,000 in home equity and 20% estimated having more than $300,000.

As for those serious about selling, 43% expected to get their asking price (up from 27% in 2022), while 37% expected to have an offer within a week (compared to 33% in 2022) and 35% said buyers will be willing to forgo contingencies like inspections and appraisals to make the deal (compared to 30% in 2022). However, only 27% expected a bidding war to take place (compared to 32% in 2022).

“Given the changing housing market, it’s important for buyers and sellers alike to have realistic expectations heading into a home sale,” said Hannah Jones, economic data analyst. “By understanding the local market, sellers can make sure that they’re pricing their home well to help ensure a quick sale and avoid a home that lingers on the market.”

The survey was conducted online from Feb. 3-10 among 2,286 adults in the U.S. is operated by Move Inc., a subsidiary of News Corp (NASDAQ:NWSA).