While 35% of homeowners expressed interest in moving last year, that number has jumped to 72% today. Nearly three-fourths of homeowners are hoping to move, but due to the current market conditions, many are putting their plans on hold, creating a backlog of buyers. Despite many wanting to move, the majority aren’t packing boxes just yet due to the challenges in the market, according to a study from Point. This has caused housing gridlock. Even with market hurdles, many homeowners are eager to move due to concerns over their home’s size and location.

Around 40% of homeowners cited their home’s size as the primary reason for wanting to relocate, whether they need a bigger space (25%) or are looking to downsize (16%). Another 36% pointed to location-related reasons. Only 11% of homeowners are looking to access home equity, and 8% feel their current home is too expensive. Renovations could offer a solution to homeowners stuck in place due to size concerns. 66% of homeowners plan to undertake home improvements in the next 12-18 months, with 39% planning to use cash for their projects.

Source: Point