Top Questions About Selling Your Home This Winter
There’s no denying the housing market is undergoing a shift this season, and 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 increased in 2022, inventory is still low overall. That means it’s still a sellers’ market. The graph below helps put the inventory growth into perspective. Using data from the National Association of Realtors (NAR), it shows just how far off we are from flipping to a buyers’ market:
Although the increase in inventory has given buyers some negotiating power back, your window of opportunity to sell has not passed. Since there is less competition for your home, it can still be noticed, especially if you list now while other
2. Are Buyers Still Out There?
Remember that not all homeowners will experience a decline in buyer demand as a result of rising mortgage rates if you are considering selling your home but are holding off because of your concerns. The demand for homes has decreased this year, but millennials are still actively seeking. According to a Forbes article:
“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.”
Although the millennial generation has been referred to as the "renter generation," that moniker could no longer be appropriate. The largest generation, millennials, are actually a key factor in today's housing market's buyer desire. If you're wondering whether there are any buyers out there right now, you should know that there are. And they might find everything they need in your home.
3. Can I Afford To Buy My Next Home?
You might have more equity in your present house than you think, so keep that in mind if the state of the market is making you concerned about how you'll pay for your next move.
Homeowners have built up substantial equity over the previous several years, and this equity can significantly alter the affordability equation, particularly given that mortgage rates are currently higher than they were a year ago. According to Mark Fleming, First American's chief economist:
“. . . 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 considering selling your home this year, get in touch with a reputable real estate agent so you have the professional advice you need to act right away.
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