Questions You May Have About Selling Your House in Today's Market

Mortgage rates are undoubtedly impacting the current housing market, and you might be wondering if it still makes sense to sell your house and make a move. Here are three key questions you might be asking, along with data to help you decide.

Should I Wait to Sell My House?

If you're thinking about waiting to sell until mortgage rates come down, you're not alone. Many homeowners are considering the same. However, waiting could mean facing increased competition. As Bright MLS explains:

"Even a modest drop in rates will bring both more buyers and more sellers into the market."

This means that if you wait, you might encounter rising prices and more multiple-offer scenarios when buying your next home. Selling now could help you avoid these potential challenges.

Are Buyers Still Out There?

Yes, buyers are still active in the market. Despite some holding off, many buyers are still looking to purchase homes. The ShowingTime Showing Index, which measures how frequently buyers are touring homes, provides valuable insights.

While buyer demand has decreased since the peak years (highlighted in pink) due to higher mortgage rates and rising prices, it's essential to compare current demand with the pre-pandemic years (2018-2019). Focusing on these "normal" years, you'll see that 2024 still shows strong buyer interest. This indicates a robust market for selling your house.

Can I Afford to Buy My Next Home?

If you're worried about affording your next home with today's rates and prices, consider the equity you've built in your current home. Homeowners have gained record amounts of equity in recent years, which can significantly impact your next purchase. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:

"...those who have earned housing equity through home price appreciation are the current winners in today's housing market. One-third of recent home buyers did not finance their home purchase last month - the highest share in a decade. For these buyers, interest rates may be less influential in their purchase decisions."

With substantial equity, you might even be able to buy your next home with cash, avoiding the need for a mortgage altogether.

In Conclusion

If these questions have been holding you back from selling your home, we hope this information provides clarity. A recent survey reveals that over 85% of potential sellers have been considering selling for over a year. Many of these sellers are on the fence, just like you.

Interestingly, the same survey found that 79% of recent sellers wish they had sold sooner.

If you're contemplating selling your home or need more information, let's connect and discuss your options!

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