Should I Sell My House This Year?
There’s no denying the housing market is undergoing a shift this season, but that shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.
1. More Options for Your Move
One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been growing since the start of the year. If you’re selling your house to make a move, this is great news for you. It means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all your boxes.
2. The Number of Homes on the Market Is Still Low
Just remember, while the latest data shows the number of homes for sale has increased, housing supply is still firmly in sellers’ market territory. To be in a balanced market, there would normally be a six months’ supply of homes. According to the National Association of Realtors (NAR), in July, there was only a 3.3 months’ supply. While you’ll have more options for your own home search, inventory is still low, and that means your home will still be in demand if you price it right.
3. Home Prices Are Appreciating
Since inventory is still low overall, experts say that, nationally, home price appreciation will continue, just at a more moderate pace. What does that mean for you? Whether you’re selling so you can move into the home of your dreams or looking to downsize into something that better suits your current needs, you can find peace of mind in knowing any further home price appreciation will help grow the value of your next investment once you move.
4. Your Equity Is Growing by Record Amounts
Due to the rapid home price appreciation the market has seen over the past few years, your home’s value has likely grown substantially. That gives your equity (and your net worth) a considerable boost. Danielle Hale, Chief Economist at realtor.com, explains:
“Homeowners trying to decide if now is the time to list their home for sale are still in a good position . . . as a decade of rising home prices gives them a substantial equity cushion . . .”
If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help. It may be just what you need to cover a large portion (if not all) of the down payment on your next home.
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.