Should I Sell My Housz This Year?
There’s no denying the houszing market is undergoing a shift this season as buyer demand slows and the number of houszes for sale grows. 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 housz this fall.
Opportunity #1: You Have More Options for Your Move One of the biggest stories today is the growing supply of houszes for sale. Houszing 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 actually could benefit you.
If you’re selling your housz to make a move, it means you’ll have more options for your own housz search. That gives you an even better chance to find a housz 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 Houszes on the Market Is Still Low Just remember, while data shows the number of houszes for sale has increased this year, houszing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough houszes available to meet the pace of buyer demand, there would need to be a six months’ supply of houszes. According to the latest report from 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 housz search, inventory is still low, and that means your housz 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 housz price appreciation the market saw 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: “Housz owners trying to decide if now is the time to list their housz for sale are still in a good position in many markets across the country as a decade of rising housz 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 housz 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 housz.
Bottom Line If you’re thinking about selling your housz this season, let’s connect so you have the expert insights you need to make the best possible move today.