There’s no denying the housing market is undergoing a shift this season. Buyer demand is slowing and the number of homes for sale is growing. But that shift actually gives you some unique benefits when you sell. Here’s a look at the 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 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 are selling your house to make a move, it means you will 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 have 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’ suppy of homes. According to the lates report from the National Association of Realtors, in July, there was only a 3.3 months’ supply.
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. 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 net worth) a considerable boost. 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 you have been holding off on selling because you are 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.
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