There’s no avoiding the fact that the housing market is changing this season, which might leave you wondering if it’s still a good idea to sell your house. Here are three common questions you may have – along with the data that can help you answer them – so you can make a confident decision.
When is the right time to sell?
Though more homes are being put up for sale in 2022, there is still a lack of inventory. That indicates it’s still a sellers’ market. The graph below helps provide some perspective on inventory growth. Using information from the National Association of Realtors (NAR), demonstrates how far away we are from shifting to a buyers’ market:
Even though buyers have more negotiating power now because more houses are on the market, you haven’t missed your chance to sell. Your house could still stand out because there aren’t many on the market, especially if you list now while other sellers wait until after the holiday rush and the beginning of the new year.
Are there still available buyers?
If you’re considering selling your house but are hesitant because you’re concerned that buyer demand has decreased due to higher mortgage rates, understand that this isn’t the reality for everyone. Although demand has lessened this year, millennials are still interested in purchasing homes.
The millennial generation currently consists of around 80 million people in the United States, and according to a recent report from the National Association of Realtors (NAR), they make up the largest share of homebuyers (43%). Because of their numbers and their eagerness to become homeowners, this cohort is having a major impact on the home-buying 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. I believe they are key to the overall health and stability of the current housing industry.
Although the millennial generation has been called the renter generation, that may not be accurate anymore. The largest generation, millennials, are driving buyer demand in the housing market. If you’re wondering if buyers exist, know that there are still people who want to buy a home. Your house could be exactly what they’re looking for.
Is buying a home in my budget?
If you’re anxious about affording your next move due to current market conditions, keep in mind that you may have more equity in your current home than you think. Homeowners have gained a considerable amount of equity in recent years, and that equity can have a significant impact on affordability, especially with mortgage rates being higher now than they were last year.
Sandi & Debbie Say…
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.
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