There’s no denying the housing market is shifting this season as buyer demand slows and the number of homes for sale grows. But that shift gives you some unique benefits when you sell. So here’s a look at the key opportunities you have if you list your house this fall.
Opportunity #1: You Have More Options for Your Move
One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is that it actually could benefit you.
If you’re selling your house to make a move, you’ll have more options for your home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.
Opportunity #2: The Number of Homes on the Market Is Still Low
Just remember, while data shows the number of homes for sale has increased this year, the housing supply is still firmly in sellers’ market territory. To be in a balanced market with enough homes available to meet the pace of buyer demand, there would need to be a six months supply of homes. Yet, according to the latest report from the National Association of Realtors (NAR), there was only a 3.3 months supply in July.
While you’ll have more options for your home search, inventory is still low, so your home will still be in demand if you price it right. That’s why the most recent data from NAR also shows the average home sold in July still saw multiple offers and sold in as little as 14 days.
Opportunity #3: Your Equity Has Grown by Record Amounts
The market’s home price appreciation over the past few years has likely given your equity (and your net worth) a considerable boost. Danielle Hale, Chief Economist at realtor.com, explains:
“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 . . .”
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 significant portion (if not all) of the down payment on your next home.
If you’re considering selling your house this season, let’s connect, so you have the expert insights you need to make the best possible move today.