Should I Wait To Sell My House This Winter (2023)?
There is no denying that the housing market is very active right now. You might start to wonder if it still makes sense to sell your home in light of this. Here are three of the most important queries you might have, together with the information that might help you confidently decide.
1. Should I Wait To Sell?
Even though there are more houses for sale in 2022, overall inventory is still low. The graph below helps put the increase in inventory into perspective by demonstrating that, in terms of housing supply, we are still in a sellers' market area and are not particularly close to a neutral or buyers' market. That proves that you didn't waste your opportunity.
2. Are Buyers Still Out There?
If you're considering selling your home but are hesitating because you assume that due to increasing mortgage rates, buyer demand has decreased, realize that this isn't always the case. While there is less demand for homes in 2022, millennials are still actively hunting. 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 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. 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 if there are any buyers left, you should know that there are still people looking to purchase a home. And they might find exactly what 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. Over the past few years, homeowners have significantly increased their equity, and this equity can be a game-changer when the time comes to sell and relocate. 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 thinking about selling your house this season, connect with us so you have the expert insights you need to make the best possible move today!