Theres no denying the housing market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. Butthat shift actually gives you some unique benefits when you sell. Heres a look atthe key opportunities you have if you list your house this fall.
Opportunity #1: You Have More Options for Your Move
One of the biggest stories today is the growing supply of homes for sale. Housing 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 youre selling your house to make a move, it means youll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if youve 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 Homes on the Market Is Still Low
Just remember, while data shows the number of homes for sale has increased this year, housing supply is still firmly in sellers market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a six months supply of homes. According to the latest report from the National Association of Realtors (NAR), in July, there was only a 3.3 months supply.
While youll have more options for your own home search, inventory is still low, and that means your home will still be in demand if you price it right.Thats 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 home 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:
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 . . .
If youve been holding off on selling because youre worried about how rising prices will impact your nexthome search, rest assured your equity can help. It may be just what you need to cover a large portion (if not all) of thedown paymenton your next home.
Bottom Line
If youre thinking about selling your house this season, lets connect so you have the expert insights you need to make the best possible move today.
