Top 3 Questions About Selling Your Home This Winter

We think you may have noticed -- the housing market has shifted this season, and that may leave you with some questions wondering about whether it still makes sense to sell your house. Here are three (3) of the top questions you may be asking yourself – and we're providing the data that can answer them – so you're able to make a confident decision.

1. Should I Wait To Sell My Home?

Even though the supply of homes for sale has increased in 2022, inventory is still really low overall. That means it’s STILL a sellers’ market. The graph below helps put the inventory growth into perspective. Using data from the National Association of Realtors (NAR), it shows just how far off we truly are from flipping to a buyers’ market:

While buyers have regained some negotiation power as inventory has grown, you have not missed your window to sell. Your house could still stand out since inventory is low, especially if you list now while other sellers hold off until after the holiday rush and the start of the new year.

2. Are There Any Buyers Still Out There?

If you’re thinking of selling your house but are hesitant because you’re worried buyer demand has disappeared in the face of higher mortgage rates, know that isn’t the case for everyone. While demand has eased this year, millennials are still looking for homes. We like this perspective from Forbes:

“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. Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the ‘rent generation,’ millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. In fact, I don’t think it’s a stretch to say they are the key to the overall health and stability of the current housing industry.”

While the millennial generation has been called the renter generation, that name may not be quite appropriate anymore. Millennials, the largest generation, are really a significant driving force for buyer demand in the housing market now. If you’re wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they’re looking for.

3. Can I (Really) Afford To Buy My Next Home?

If current market conditions have you concerend about how you’ll afford your next move, consider this: you may have more equity in your current home than you fully realize.

Homeowners have gained significant equity over the past few years and that equity can make a big difference in the affordability equation, especially with mortgage rates higher now than they were last year. According to Mark Fleming, Chief Economist at First American:

“. . . homeowners, in aggregate, have historically high levels of home equity. For some of those equity-rich homeowners, that means moving and taking on a higher mortgage rate isn’t a huge deal—especially if they are moving to a more affordable city.” 

Ultimately -- 

If you’re thinking about selling your house this season, let’s connect so you have the expert insights you need to make the best possible move today.