{"id":163905,"date":"2024-01-03T14:24:10","date_gmt":"2024-01-03T21:24:10","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=163905"},"modified":"2024-01-12T03:23:32","modified_gmt":"2024-01-12T10:23:32","slug":"with-mortgage-rates-set-to-drop-will-home-sellers-return-to-the-market","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/with-mortgage-rates-set-to-drop-will-home-sellers-return-to-the-market","title":{"rendered":"With Mortgage Rates Set To Drop, Will This Be the Year Sellers Come Back? Here&#8217;s What the Data Says"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC5509258276\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Most homeowners bought their homes at&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-a-mortgage\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">mortgage<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;rates that were lower than today\u2019s, and that\u2019s caused what\u2019s known as the \u201clock-in effect.\u201d Homeowners are hesitant to give up their cheap mortgages, which is suppressing available inventory. Low inventory has kept home prices from falling significantly, even as homebuyer demand fell due to rate hikes.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">With&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">mortgage rates down<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;more than one percentage point since their peak in October, the housing market is starting to show&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/tradingeconomics.com\/united-states\/mortgage-applications\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">signs of rebounding demand<\/span><\/a><span data-preserver-spaces=\"true\">. But at what point will the lock-in effect break? And what will happen to housing prices if it does?&nbsp;<\/span><\/p>\n\n\n\n\n\n\n  <div class=\"lg:block\" x-data=\"{ ad_block_block_6595d03194794: popAds(1) }\">\n      <template x-for=\"ad in ad_block_block_6595d03194794\">\n        <a\n          :href=\"ad.linkURL\"\n          class=\"no-underline text-black\"\n          x-on:click=\"adClicked('https:\/\/www.biggerpockets.com\/blog\/with-mortgage-rates-set-to-drop-will-home-sellers-return-to-the-market', ad.sponsor, ad.title, ad.id, 'blockAdClicked', 'blockAd', '')\"\n          target=\"_blank\">\n          <div\n            class=\"py-4 border-b flex flex-col flex-nowrap text-sm border-t px-0 rounded-none\"\n            x-init=\"\n              analytics.track('blockAdLoaded', {\n                referrer: 'https:\/\/www.biggerpockets.com\/blog\/with-mortgage-rates-set-to-drop-will-home-sellers-return-to-the-market',\n                sponsor: ad.sponsor,\n                ad_title: ad.title,\n                ad_page_location: ''\n              })\n            \"\n            x-intersect:enter.once=\"adViewed('https:\/\/www.biggerpockets.com\/blog\/with-mortgage-rates-set-to-drop-will-home-sellers-return-to-the-market', ad.sponsor, ad.title, ad.id, 'blockAdViewed', 'blockAd', '')\">\n            <div><span class=\"text-xs text-slate-light block bg-slate-50 p-1 inline-block rounded-md\">Sponsored<\/span><\/div>\n            <div class=\"flex items-center text-sm space-x-4\">\n                <img :src=\"ad.imageURL\" :alt=\"ad.imageAlt\" class=\"h-10 w-10 object-cover rounded-full\">\n\n                <div clas=\"text-sm\">\n                    <span class=\"font-bold block\" x-text=\"ad.sponsor\"><\/span>\n                    <span class=\"text-slate\/80\" x-text=\"ad.description\"><\/span>\n                <\/div>\n            <\/div>\n\n            <div>\n                <span class=\"font-bold\" x-text=\"ad.title\"><\/span>\n                <p class=\"mt-2 text-slate\/80\" x-text=\"ad.body\"><\/p>\n                <span class=\"mt-2 text-themeBlue block mt-2 underline\" x-text=\"ad.linkTitle\"><\/span>\n            <\/div>\n          <\/div>\n        <\/a>\n      <\/template>\n  <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Breaking Point<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Since mortgage rates only began declining at the beginning of November, the full effect has yet to be realized. The year-over-year decrease in&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/tradingeconomics.com\/united-states\/pending-home-sales\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">pending home sales<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;is getting smaller, but that may be due to more sellers&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.redfin.com\/news\/housing-market-update-price-drops-record-high\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">dropping their prices<\/span><\/a><span data-preserver-spaces=\"true\">. Available inventory has been&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/fred.stlouisfed.org\/series\/ACTLISCOUUS\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ticking up<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;since April due to the pressure of mortgage rates on demand, along with&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nar.realtor\/magazine\/real-estate-news\/new-construction-makes-up-record-share-of-inventory\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">new construction<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;completions.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Whether the lock-in effect breaks in 2024 may depend on the extent to which mortgage rates decline, but there are some beginning signs of sellers returning to the market. Altos Research&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.housingwire.com\/articles\/are-home-sellers-finally-coming-back-to-the-market\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">reports<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;an 11% year-over-year increase in new sellers the week of Dec. 19, a turnaround from declines in new sellers all year. New contracts are growing as well.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Some experts expect demand from both movers and new homeowners to&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/finance.yahoo.com\/news\/barbara-corcoran-says-housing-prices-110050018.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">skyrocket<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;as&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/federal-reserve-to-lower-rates-six-times-says-ing-economics\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">mortgage rates fall<\/span><\/a><span data-preserver-spaces=\"true\">, which could cause a significant rise in prices. But many economists expect rates to stay elevated&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/money.usnews.com\/loans\/mortgages\/mortgage-rate-forecast\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">above 6%<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;through 2024, which could mean that sellers will stay put.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/research\/rate-lock-selling-32907\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Zillow research<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;shows that 41% of homeowners with current mortgage rates between 5% and 6% intend to sell their homes, while only 26% of homeowners with mortgage rates between 4% and 5% plan to move. This suggests that a 5% mortgage rate may be the breaking point.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">That said, only&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.kiplinger.com\/personal-finance\/the-magic-mortgage-rate-number-to-tip-the-housing-market\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10% of homeowners<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;have mortgages with rates above 6%, so even if a decrease in rates motivated them to sell, it would have a relatively minimal impact. And research from&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/jbrec.com\/insights\/5-5-is-still-the-magic-number\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">John Burns Research and Consulting<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;shows that most homebuyers won\u2019t act until rates fall below 5.5%. That could mean prices will remain stable through 2024.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">But history seems to suggest that mortgage rates only need to stabilize to fuel increased home sales. In other words, a return to pandemic-era low mortgage rates may not be necessary to impact sales activity. Once consumers settle into a new normal, we could see transaction volume increase.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What History Shows Us About the Lock-In Effect<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In many ways, today\u2019s housing market mirrors conditions in the early 1980s. It started in the late \u201970s, when baby boomers aged into their homebuying years, much like millennials led the homebuying boom during the pandemic.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/fred.stlouisfed.org\/series\/USSTHPI\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">surge in home prices<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in the late \u201970s was not nearly as rapid as the more recent increase. But as mortgage rates increased when the Fed attempted to control inflation, existing-home sales activity declined&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.huduser.gov\/periodicals\/ushmc\/fall08\/hist_data.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">almost 50%<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;between 1978 and 1982, and price growth flattened, similar to how things have played out in recent years.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Average mortgage rates for 30-year fixed mortgages peaked at&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">18.63%<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in late 1981 after rising nearly five percentage points over the course of a year, which created a lock-in effect among existing homeowners.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1118\" height=\"513\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/mortgage-rates-in-80s.jpeg\" alt=\"Mortgage rates and existing-home sales (1979-1984) - Freddie Mac\" class=\"wp-image-163907\" title=\"\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/mortgage-rates-in-80s.jpeg 1118w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/mortgage-rates-in-80s-300x138.jpeg 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/mortgage-rates-in-80s-1024x470.jpeg 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/mortgage-rates-in-80s-768x352.jpeg 768w\" sizes=\"auto, (max-width: 1118px) 100vw, 1118px\" \/><figcaption class=\"wp-element-caption\">Mortgage rates and existing-home sales (1979-1984) &#8211; <a href=\"https:\/\/www.freddiemac.com\/pmms\" data-type=\"link\" data-id=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\">Freddie Mac<\/a><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">This graph of&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">mortgage rates<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;(thick line) is overlaid on the graph of&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/tradingeconomics.com\/united-states\/existing-home-sales\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">existing-home sales<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;(thin line) for the period between January 1979 and January 1984. Given that existing-home sales lag behind a month or two due to the closing timeline, the impact of falling interest rates in the second half of 1982 was relatively quick.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Mortgage rates only came down about two percentage points before existing-home sales picked up again, even though they had been about eight percentage points lower four years earlier. However, there\u2019s a key difference in today\u2019s housing market: high home prices.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Each dollar spent on real estate stretched about&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/finance.yahoo.com\/news\/much-house-could-500k-buy-160031978.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">twice as far<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in the 1980s when compared to today. Furthermore, assumable mortgages may have given sales activity a boost in the 1980s.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Freddie Mac estimates that the average homeowner would need to gain&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.freddiemac.com\/research\/forecast\/20230724-the-economy-though-volatile-has-shown-resilience-in-the-face-of-rising\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">$55,000<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;from a move, either through a higher-paying job or lower cost of living, in order for selling to make sense financially. That\u2019s based on the average mortgage rate in July, which is similar to the current rate. For homeowners who purchased in 2021, an $85,000 net gain would be necessary to benefit from a move. Therefore, the lock-in effect in the 1980s was&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.jchs.harvard.edu\/blog\/homeowner-mobility-stalls-amid-rising-interest-rates\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">not nearly as significant<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Other Factors Impacting Home Sales<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">To make things more complicated, the lock-in effect isn\u2019t the only factor affecting available housing inventory. In fact, a recent Fannie Mae&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.fanniemae.com\/research-and-insights\/perspectives\/lock-effect-not-only-reason-housing-supply-woes\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">survey<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;shows that the impact of high mortgage rates on home sellers\u2019 decisions may be overstated. Of the 29% of mortgage borrowers who intended to stay put, only 21% reported that the primary reason was their current low mortgage rate.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">That represents just 6% of mortgage borrowers who were holding off on selling, primarily due to feeling locked in. Nearly as many were avoiding selling because they like their home or location. High home prices were another deterrent, and some people wanted to remain in their homes due to proximity to a job or family.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Other studies show different results, however. For example, a Realtor.com&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.realtor.com\/research\/2023-q1-sellers-survey-btts\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">survey<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;showed most homeowners felt locked in, and the effect was especially strong for younger buyers.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">No matter the reasoning for homeowners to keep their homes off the market, supply lags behind demand for housing. That\u2019s one reason why homebuilder sentiment is improving and new construction starts are growing.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">A&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nar.realtor\/magazine\/real-estate-news\/home-sales-start-to-rise-building-momentum-for-2024\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">4% increase<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in single-family builds is expected for 2024, but that\u2019s only a fraction of what\u2019s needed to satisfy demand. NAR chief economist Lawrence Yun notes in the press release that the housing market could easily absorb another 30% increase in new starts.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Bottom Line<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If history is an indication of the behavior of sellers today, we may start to see existing-home sales increase gradually alongside falling mortgage rates. But too many factors are at play to determine with accuracy whether sellers will return to the market in 2024.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">If mortgage rates fall enough early in the year, demand could rebound quickly, pushing prices even higher. But there\u2019s still the possibility that a deep recession and rise in unemployment could lead to an influx of new supply from distressed sellers and more price reductions. Many experts expect conditions to hold steady in 2024 until mortgage rates fall sufficiently in 2025.&nbsp;<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_3932a32d9d1d1e5d281fb034515b3e2c\" class=\"visibility-group  hidden\">\n        \n\n<div id=\"hero-block_fac834d25e0603381797b9e600e53aff\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-theme-gold-light-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-theme-gold-color has-text-color has-large-font-size wp-block-paragraph\" style=\"font-style:normal;font-weight:800\">Get the Best Loan Today<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color wp-block-paragraph\" style=\"font-size:16px\">Find trusted, <em><strong>investor-friendly<\/strong><\/em> lenders who specialize in your strategy. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div id=button-custom-event-block_be96ccee96cc87e14d16bf59e75c8818 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/business\/finder\/lenders\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Lender Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/with-mortgage-rates-set-to-drop-will-home-sellers-return-to-the-market&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Find a Lender<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Marketplace-Blog-Blocks-Lender-v3.png\" alt=\"investor friendly lender, investor friendly real estate loans\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color wp-block-paragraph\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/with-mortgage-rates-set-to-drop-will-home-sellers-return-to-the-market&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates have been on the decline and are expected to keep falling. What does that mean for inventory and home seller attitudes this year? Here&#8217;s what you need to know.<\/p>\n","protected":false},"author":613615,"featured_media":162251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,7119],"tags":[],"class_list":["post-163905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/163905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613615"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=163905"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/163905\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/162251"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=163905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=163905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=163905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}