Real estate is always a hot topic and with good reason. The market has changed significantly in the last few years, and this latest season has undergone more shifts. The number of homes for sale is rising as buyer demand slows. Uniquely, this shift offers sellers key opportunities and benefits when selling.
You Have More Options for Your Move
Higher mortgage rates have created low buyer demand. This has helped cool down the frenzy of buyer demand that has occurred over the past couple of years. As a seller, this seems like a downside, but this could benefit you.
If you’re selling your house to make a move, you’ll have more options for your home search. You have to opportunity to be choosier in your next home purchase and find a home that checks all of your boxes.
The Number of Homes on the Market Is Still Low
While the number of homes on the market is increasing, it’s still low when you compare it to historic numbers, making the housing supply firmly in sellers’ market territory. A balanced market to meet buyer demand holds six months’ supply of homes. According to the latest report from the National Association of Realtors (NAR), there was only a 3.3 months supply in July 2022.
Because inventory is still low, if you price your home correctly, there will still be high demand. NAR recorded that the average home in July 2022 sold in as little as 14 days and received multiple offers.
Your Equity Has Grown by Record Amounts
Danielle Hale, Chief Economist at realtor.com, states that “Home owners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .”
These last few years of home price appreciation have significantly boosted your home equity. That equity may be just what you need to cover a significant portion (if not all) of the down payment on your next home.
If you have been thinking about selling and are wondering if now is the right time for you, contact me today!
I’m honest, fair, ethical and I have expert level knowledge of our market. I’m a fierce negotiator and I will always put your interests first. I will sell your home for it’s highest value and best terms to help you get where you want to be. My Buyer representation is of the highest quality and I have expert level knowledge of the real estate contracts to help get your offer accepted. My relationships with others in my industry are very important and there are numerous real estate agents, title agents, lenders, home inspectors and surveyors that know me, trust me and want to work with me.