Top Questions About Selling Your House This Winter
There’s no denying that the housing market is changing this season, which may lead to you asking whether it still makes sense of selling your house. Here are three top questions you may be asking. The data helps answer them so you can make a confident decision.
Should I Sell My House Now?
When considering whether to sell your house now, it is important to consider the current market conditions. Supply rose in 2022, yet inventory is still scarce, meaning there are more potential buyers than homes available. This means it is still a seller’s market, where sellers have more bargaining power. They can typically get a better price for their home.
The National Association of Realtors (NAR) graph illustrates how far off we are from reaching a buyers’ market, where buyers have more bargaining power and more homes to choose from. With this in mind, now may be a good time to sell your home if you want a good price in return.
Are Buyers Still Out There?
If you’re considering selling your house but are hesitant because you’re worried buyer demand has disappeared in the face of higher mortgage rates, know that is only the case for some. While demand has eased this year, millennials are still looking for homes. As an article in Forbes explains:
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.
Millennials, once known as the rent generation, have proven to be savvy buyers who are quite nimble in their quest to own real estate. Due to their numbers and eagerness to become homeowners, this cohort is shaping the next frontier of the home-buying process. It’s not a stretch to say they are the key to the overall health and stability of the current housing industry.
Millennials, the largest generation, are a significant driving force for buyer demand in the housing market today. While the millennial generation has been dubbed the renter generation, that namesake may not be appropriate anymore.
If you have a home to sell, understand that people are still seeking to buy. It could be ideal for them.
Can I Afford To Buy My Next Home?
Consider this if current market conditions have you worried about how you’ll afford your next move. You may have more equity in your current home than you realize.
Homeowners have gained significant equity over the past few years, which can make a big difference in the affordability equation, especially with mortgage rates higher now than last year. According to Mark Fleming, Chief Economist at First American:
“. . . homeowners, in aggregate, have historically high levels of home equity. Moving and taking on a higher mortgage rate isn’t a huge deal for some equity—rich homeowners, especially if they move to a more affordable city.”
Think about selling your house? Reach out to NeedtoSell.com, a real estate investment company in Texas. They can provide the knowledge and guidance needed to sell your home this winter.