Coldwell Banker: ‘Life doesn’t stop’ as comeback buyers return

More than three years after mortgage rates began their climb from historic lows, a subtle but significant housing market shift is underway.

Homeowners are finally letting go of sub-5% rates, “comeback buyers” are re-entering the search and regional markets are moving in opposite directions — all shaping what Coldwell Banker Real Estate calls a spring shopping season defined by cautious optimism.

The company’s 2026 Home Shopping Season Report, based on a survey of more than 700 real estate agents nationwide, found that 43% of agents are reporting a busier home shopping season than last year.

For many sellers, the decision to list is no longer about timing the market. It is about necessity, Coldwell Banker Affiliates President Jason Waugh told HousingWire.

“Life doesn’t stop, even when the marketplace has kind of been in this holding pattern the last three and a half years, almost four years,” he said. “Now, life events are dictating decisionmaking.”

Thirty-six percent of agents say sellers are listing due to personal life circumstances — job transfers, family growth, downsizing or aging in place.

Among sellers currently working with Coldwell Banker affiliated agents, 35% have mortgage rates below 5% and are still planning to sell this spring.

“So, 6.23% was the average for this week,” said Waugh. “That’s the lowest average in the last three spring markets. That’s still up significantly over a five or even a four, but ultimately, price appreciation is slowed and life events are taking shape.”

‘Comeback buyers’ return with unchanged budgets

Seventy-seven percent of agents surveyed say they are working with homebuyers who paused their search in the last two years and are now re-entering the market.

These “comeback buyers” account for about 20% of today’s home shoppers.

The majority — 75% — are returning with roughly the same budget as their initial search. Only 24% have increased their budgets, most notably in the Midwest, where many agents describe a seller’s market this spring.

“It’s never just one thing in real estate, right?” Waugh said. “There’s always going to be unique situations. One of the real interesting trends that I’m paying close attention to is multigenerational living, and that’s continuing to see an increase. Some of that is affordability, some of that is baby boomers [opting to avoid] higher costs in senior living.

“Folks are taking care of their aging parents and you also have younger adults moving back home. In some instances, it’s multiple transactions becoming one transaction in that multigenerational home.”

Buyers done waiting for lower rates

Eighty percent of agents say homebuyers this spring are actively on the market and are not waiting for mortgage rates or market conditions to improve before purchasing.

Only 20% of agents say their buyers are waiting for better conditions.

Agents in the Northeast are most likely to report working with active buyers, while those in the South are most likely to say their buyers are waiting for rates to fall.

“I think there’s an acceptance — where it’s been almost four years in this current cycle,” Waugh said. “We, as people, have a willingness to adapt to an environment that is stable. What we don’t like is uncertainty and volatility. If rates just stay stable, people can adapt. There was volatility, in both directions, up and down, for so long.

“I think there’s acceptance for the new norm. I don’t think anybody is under the illusion that rates are going to be three again, or even 4% in the near term.”

Climate risks, insurance costs

Environmental risks are becoming a bigger factor in homebuying decisions compared with just one year ago, particularly in regions most exposed to extreme weather.

Thirty-one percent of agents say climate-related risks — including home insurance costs, wildfire risks and flood zones or hurricane exposure — are a larger factor in buyer decision-making than in 2025.

That share rises to 35% in the South and 39% in the West. Only 27% of agents say climate risks rarely influence buyer behavior.

“The impact is the insurance costs,” Waugh said. “In Hawaii, Maui and Oahu, it was mandatory now for hurricane insurance. That’s a significant additional cost. It’s part of the acquisition costs. Is that really necessary, or should that be consumer choice? With respect to climate, it is really the impact it is having on costs — or if it’s even an insurable property.”

Regional divide deepens

Roughly three-in-four agents in the Midwest and Northeast characterize their markets as sellers’ markets — compared with just 13% in the South and 22% in the West.

Conversely, 56% of agents in the South and 46% in the West describe their markets as buyers’ markets.

Nationally, only a quarter of agents say their market is balanced.

“You have to blend the macro trends with the hyper local marketplace,” said Waugh. “Whether it’s from a consumer perspective or or even as a real estate professional, you have to lean into and know what is happening in your hyper local market.  Trust the local experts.”