Many homeowners hesitate to sell their homes due to unanswered questions and doubts. However, these concerns are often based on misconceptions rather than facts. If you’re unsure about whether it’s the right time to sell, talking to a real estate agent could clear up any uncertainties. You might find that your worries aren’t as big of a hurdle as you thought.
If you’re feeling uncertain about moving, it’s time to get the real answers. Here’s a look at some common questions homeowners have about selling their homes and the data that answers them.
- Is It a Good Time to Sell My Home?
One of the biggest concerns for homeowners is the fear of selling and then dealing with higher mortgage rates when buying a new home. While this concern is valid, it might not be as much of a barrier as you think.
The good news is that home values have likely increased significantly since you bought your home. According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), the average homeowner has gained $147,000 in housing wealth over the past five years. This means that selling your home could provide you with the financial resources to afford your next move, even if mortgage rates are higher than before.
- Will I Be Able to Find a Home I Like After Selling?
Many buyers have struggled to find a home in recent years due to low inventory and high demand. However, the market is now much more favorable for those looking to purchase a new home.
According to Realtor.com, housing inventory has increased by nearly 25% compared to the previous year. Although inventory is still below pre-pandemic levels, this increase is a positive sign for homebuyers. Experts predict that housing inventory will grow another 10-15% this year, giving you more options when searching for your next home. This means you’re more likely to find a property you love in today’s market.
- Are Buyers Still Active in the Market?
If you’re wondering whether buyers are still purchasing homes, you’ll be happy to know that the market is still active, despite higher mortgage rates and home prices.
According to the National Association of Realtors (NAR), approximately 4.24 million homes were sold last year, even though the market wasn’t as competitive as in previous years. To put this into perspective, that’s about 11,616 homes sold every day, or 484 homes sold every hour. In fact, homes are selling every minute of the day. This means that even as you read this article, buyers are actively looking for homes, including properties like yours.
Bottom Line: Now Might Be the Right Time to Sell Your Home
If you’re considering selling your home but feel uncertain, now is the time to connect with a real estate agent. They can help you navigate the current market and answer any questions you have about the process. With home values on the rise, an increase in inventory, and a market still full of buyers, the timing could be right to sell your home and make a move.
Don’t let uncertainty hold you back. Get the answers you deserve and take the next step in your homeownership journey today.