There’s no denying mortgage rates are having a big impact on today’s housing market. And that may leave you with some questions about whether it still makes sense to sell your house and make a move.
Here are three of the top questions you may be asking and the data that helps answer them.
1. Should I Wait to Sell
If you are thinking about waiting to sell until after mortgage rates come down, here’s what you need to know. While mortgage rates are still forecasted to come down later this year, if you wait for that to happen, you may be dealing with a lot more competition as other buyers and sellers jump back in too. That means if you wait it out, you’ll have to deal with things like prices rising faster and more multiple offer scenarios when you buy your next home.
2. Are Buyers Still Out There?
While some people are holding off, there are still plenty of buyers active today. Here’s the data to prove it.
You can see demand has dipped some since the ‘unicorn’ years.(shown in pink). That’s in response to a lot of market factors, like higher mortgage rates, rising prices, and limited inventory. But, to really understand today’s demand, you have to compare where we are now with the last normal years in the market (2018-2019)
Nationally, demand is still high compared to the last normal years in the housing market (2018-2019). That means there is still a market for your house to sell.
3. Can I Afford to Buy My Next Home?
If you are worried about how you will afford your next move with today’s rates and prices, consider this: you probably have more equity in your current home than you realize.
Homeowners have gained record amounts of equity over the past few years. That equity can make a big difference when you buy your next home.
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