Should I Sell My House This Year?
There is no doubting that this season's slowing buyer demand and rising inventory are causing a change in the housing market. But when you sell, that change really offers you some special advantages. The main opportunities you have if you list your home this fall are shown below.
Opportunity No. 1: You Have More Move Options
The increasing number of houses for sale is one of the major stories right now. Since the beginning of the year, there has been an increase in housing inventory, largely because rising mortgage rates have reduced the peak frenzy in buyer demand. You might not know it, but that could work to your advantage.
You'll have more possibilities for your own home hunt if you're selling your house in order to relocate. This increases your likelihood of discovering a house that meets all of your requirements. As a result, if you've put off selling because you were concerned about finding a new home, be aware that your options have expanded.
Opportunity #2: There aren't many homes available on the market.
Just keep in mind that despite data showing an increase in the number of properties for sale this year, the housing supply is still firmly in the sellers' market zone. A six-month supply of homes would be required for there to be a balanced market where there are enough properties available to match the rate of buyer demand. Only 3.3 months' worth of inventory existed in July, according to the National Association of Realtors' (NAR) most recent report.
While you’ll have more options for your own home search, inventory is still low, and that means your home will still be in demand if you price it right. That’s why the most recent data from NAR also shows the average home sold in July still saw multiple offers and sold in as little as 14 days.
Opportunity #3: Your Equity Has Grown by Record Amounts
The home price appreciation the market saw over the past few years has likely given your equity (and your net worth) a considerable boost. Danielle Hale, Chief Economist at realtor.com, explains:
“Home owners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .”
If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help. It may be just what you need to cover a large portion (if not all) of the down payment on your next home.
If you’re thinking about selling your house this season, let’s connect so you have the expert insights you need to make the best possible move today.