SHOULD I SELL MY HOUSE?
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.
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 to move. This increases your likelihood of discovering a house that meets all of your requirements. As a result, if you've held off selling because you were concerned about finding a new home, be aware that your alternatives have expanded.
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.
Although you'll have more options for your personal house search, inventory is still limited, so if you price your home well, it will still be in demand. Because of this, the most current NAR data also reveals that the typical property sold in July still received multiple offers and was able to be purchased in as little as 14 days.
Rest assured that your equity can help if you've been putting off selling because you're concerned about how rising prices will affect your hunt for your next property. It can be just what you need to pay for most or perhaps all of the down payment on your subsequent home.
If you're considering selling your home this year, work with a real estate agent to get the professional advice you need to act right away.
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