Considering Selling Your Home? Here’s What You Need to Know!
If you’re contemplating whether to sell your home right now, you likely have some unanswered questions. You might be wondering if moving makes sense in today's market or feeling anxious about whether you'll find a new home that meets your needs.
Let’s address these concerns directly to help you make an informed decision.
Is Moving a Smart Choice Right Now?
You may be hesitating to sell because you're worried about trading your current home for one with a potentially higher mortgage rate. However, moving could be more feasible than you realize, largely thanks to your home equity.
Equity is the market value of your home minus what you owe on your mortgage. Over the past few years, many homeowners have experienced a significant boost in equity due to rising home prices. In fact, as Dr. Selma Hepp, Chief Economist at CoreLogic, shares, “Persistent home price growth has resulted in homeowners averaging around $315,000 in equity—approximately $129,000 more than at the beginning of the pandemic.”
This increase in equity can be transformative when selling your home. It allows you to make a larger down payment on your next property, which could mean borrowing less at the current mortgage rates. In some cases, you might even be able to buy your new home outright in cash, bypassing those higher rates altogether.
The takeaway? Your equity could be the key to making your next move happen.
Will You Find a Home You Like?
If you're concerned about finding a suitable new home, it’s understandable given the recent housing supply shortages. However, the current market offers more opportunities than it has in years.
Inventory levels are increasing, bringing more options to prospective buyers. According to Realtor.com, the number of homes for sale has grown nearly 30% year-over-year. While inventory remains below pre-pandemic levels, it’s the highest it’s been in quite some time. This means that, while you’ll have a greater selection, it’s crucial for your current home to stand out to potential buyers.
Every local market is unique, so the balance of supply and demand can vary significantly. That’s why collaborating with a knowledgeable local real estate agent is essential to understand current inventory trends specific to your area.
Bottom Line
If you're considering selling, don't let uncertainty hold you back. Armed with this information, you can approach your decision-making process with confidence.
Connect with me to provide valuable insights and the data you need to move forward. Your next chapter is waiting!
