There’s no denying there’s a lot going on in the housing market this season. That may leave you with some questions about whether it still makes sense to sell your house. Here are three of the top questions you may be asking, and the data that helps answer them so you can make a confident decision.
1. Should I Wait To Sell?
Even though the supply of homes for sale has grown in 2022, inventory is still low overall. The graph below helps put the inventory growth into perspective to show we’re still in sellers’ market territory in terms of housing supply and aren’t near a neutral or buyers’ market. That means you haven’t missed your chance.
2. Are Buyers Still Out There?
If you’re thinking of selling your house but are hesitant because you’re worried that buyer demand has disappeared in the face of higher mortgage rates, know that isn’t the case for everyone. While demand has eased in 2022, millennials are still looking for homes. As an article in Forbes explains:
“At about 80 million strong, millennials currently make up the largest share of homebuyers (43%) in the U.S., according to a recent National Association of Realtors (NAR) report. Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the ‘rent generation,’ millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. In fact, I don’t think it’s a stretch to say they are the key to the overall health and stability of the current housing industry.”
While the millennial generation has been dubbed the renter generation, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. If you’re wondering if buyers are still out there, know that there are still people who are searching for a home to buy. And your house may be exactly what they’re looking for.
3. Can I Afford To Buy My Next Home?
If current market conditions have you worried about how you’ll afford your next move, consider this: you may have more equity in your current home than you realize. Homeowners have gained significant equity over the past few years, and that equity can be a game changer when it comes time to sell and make a move. According to Mark Fleming, Chief Economist at First American:
“. . . homeowners, in aggregate, have historically high levels of home equity. For some of those equity-rich homeowners, that means moving and taking on a higher mortgage rate isn’t a huge deal—especially if they are moving to a more affordable city.”
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.
For more information about community happenings and real estate news visit Wanda's Blog at www.wandamooney.com/blog.