If you are thinking of selling and find yourself wondering if the timing is right, Connect California Homes has advice and insight that may help you make the right decision.
It is undeniable that the housing market is shifting; buyer demands are slowing and the number of homes for sale is growing. However, there are actually some unique benefits that this shifting market can provide for a seller. Here are the key opportunities you don’t want to miss if you’re thinking about selling your house this fall.
#1 You have more options for your move
The number of homes for sale is growing. Housing inventory has been increasing since the beginning of 2022 due to an increase in mortgage rates. This has slowed the frenzy of buyer demand making it less competitive for buyers to make offers.
What does this mean for you as a seller? This means you’ll have more options and a better chance to find a new home that checks all of your boxes. If you’ve been putting off selling because you’re worried about being able to find somewhere to go, know that your options have improved.
#2 Housing inventory is still relatively low
While data reveals that housing inventory has increased, housing supply is still firmly in a seller’s market. A six-month supply of homes would be required for there to be a balanced market where there are enough properties available to match the rate of buyer demand. In July, there was only 3.3 months’ worth of home inventory, according to the National Association of Realtors’ (NAR) most recent report.
This means that your home will still be in demand if the price is right. It is important to work with a trusted realtor to find the right price for your home. Check out our About Us page and connect with top realtors at Connect California Homes to discuss pricing of your home.
#3 Your equity has grown tremendously
Home prices have appreciated which likely has given your home equity and your 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 . . .”-Danielle Hale, Chief Economist at Realtor.com
Rest assured that if you’re concerned how rising prices will affect your hunt for your next property, your boost in equity can help! It can be just what you need to pay for most or perhaps all of the down payment on your subsequent home.