Should I Sell My House This Year?
Whether “I should sell my house this year” is a question on a lot of peoples’ minds. Typically, we do things when there are benefits to us. Here, there are many benefits and opportunities for you when you sell your home. The number of homes for sale has grown and there has been a constant shift as buyer demand has slowed down. Let’s look at the opportunities in store for you once you list your house this fall.
Opportunity 1: Your Options Have Increased for Your Move
The number of homes for sale has drastically increased because the mortgage rates have increased. Due to buyer demand decreasing from the increase in mortgage rates is actually a benefit for you!
How is this a benefit for you? Once you sell your home, you have more options to look for when looking into buying your own home! If you have been worried about finding a home to buy and have been avoiding selling your home for that very reason, know that your options for buying a home have improved.
Opportunity #2: Inventory of Houses on the Market Are Still Low
The seller’s market has been booming precisely because the number of homes for sale this year have increased. Therefore, the sellers have been outweighing the buyers. In order to have a balanced market where both the buyers and sellers benefit equally, there would have to be a six months’ supply of homes. The National Association of Realtors (NAR) has stated in their latest report that July only had a 3.3 months’ supply of homes available on the market.
If you price your home right when selling your house on the market, your home will be higher in demand from other houses listed on the market. This means that more buyers will want to place an offer on your house. Data from the NAR has shown this from the average home selling within 14 days in the month of July.
Opportunity #3: Your Net Worth/Equity Has Grown
Your equity and net worth have grown due to home price appreciation the market has seen over the past few years. Chief Economist, Danielle Hale 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 . . .” ”
Your equity will help you if you’ve been worried about selling your home due to rising prices on homes to buy on the market. Your equity helps you pay your down payment on the home you are looking at buying.
Work with me today if you’re thinking about selling your house this Fall season. I can make selling your home and buying your next one easy today! Call me at (310) 519-7670.