Questions You May Have About Selling Your House

As a real estate agent, I understand that mortgage rates are significantly influencing today’s housing market. This may prompt you to question whether now is the right time to sell your house and make a move.

Here are three common questions you might have, along with data-driven answers to help you decide.

  1. Should I Wait To Sell? If you’re considering waiting to sell until mortgage rates drop, it’s important to know that many others are thinking the same thing. While mortgage rates are expected to decline later this year, waiting could mean facing increased competition as both buyers and sellers re-enter the market. According to Bright MLS:

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

This means waiting could result in rising prices and more multiple-offer situations when you purchase your next home.

  1. Are Buyers Still Out There? Despite some people holding off, many buyers are still actively looking. The ShowingTime Showing Index, which measures how often buyers are touring homes, provides insight into current demand.

Looking at the latest data for March over the past seven years, demand has decreased slightly since the exceptionally high activity years. However, when comparing to the last normal years in the market (2018-2019), current demand remains strong. This indicates there is still a viable market for selling your house.

  1. Can I Afford To Buy My Next Home? You might be concerned about affording your next home with today’s rates and prices. The good news is, you likely have more equity in your current home than you realize.

Homeowners have accumulated record amounts of equity in recent years, which can significantly impact your next purchase. You might even have enough equity to buy your next home with cash, eliminating the need for a mortgage. As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), notes:

“ . . . 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.”

Bottom Line If these questions have been holding you back from selling, hopefully, this information helps. A recent survey shows over 85% of potential sellers have been considering selling for more than a year. Many of those who recently sold (79%) wish they had done so sooner.

If you’d like to discuss these questions further or need more information, let’s connect. I’m here to help you navigate the market and make informed decisions.

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