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Top Questions About Selling Your Home This Winter

Top Questions About Selling Your Home This Winter | Simplifying The Market

Theres no denying the housing market is undergoing a shift this season, and that may leave you with some questions about whether it still makes sense to sell your house. Here are three of the top questions you may be asking and the data that helps answer them so you can make a confident decision.

1. Should I Wait To Sell?

Even though the supply of homes for sale has increased in 2022, inventory is still low overall. That means its 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 are from flipping to a buyers market:

Top Questions About Selling Your Home This Winter | Simplifying The Market

While buyers have regained some negotiation power as inventory has grown, you havent 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 Buyers Still Out There?

If youre thinking of selling your house but are hesitant because youre worried buyer demandhas disappeared in the face of higher mortgage rates, know that isnt the case for everyone. While demand has eased this year, millennials are still looking for homes. As an article inForbesexplains:

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 dont think its 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 dubbed therentergeneration, that namesake may not be appropriate anymore. Millennials, the largest generation, are actually a significant driving force for buyer demand in the housing market today. If youre 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 theyre looking for.

3. Can I Afford To Buy My Next Home?

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

Homeowners have gained significant equity over the past few years and that equity can make a big difference in the affordability equation, even as mortgage rates climb. 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 isnt a huge dealespecially if they are moving to a more affordable city.

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.

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