There's no denying the housing market is undergoing a shift as buyer demand slows and the number of homes for sale grows. But buyer demand hasn't disappeared — it's just eased from the peak intensity we saw over the past two years. This market shift actually gives you some unique benefits when you sell. The key to success in a changing market is understanding where it is now.
Here's a look at the key opportunities you have if you list your house today.
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, 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 house to make a move, it means you'll 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 you've put off selling because you were worried about being able to find somewhere to go, know your options have improved.
2. The Number of Homes on the Market Is Still Low
While data shows the number of homes for sale has increased, 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 National Association of Realtors (NAR), there was only a 3.3 months' supply in recent reporting.
While you'll 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.
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.
If you've been holding off on selling because you're worried about how rising prices will impact your next home 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 home.
If you're thinking about selling your house, work with me to get the expert insights you need to make the best possible move today.
