The winter season is a great time to sell your home. If you've been thinking about selling your home but have been on the fence, there are a few reasons you should consider listing your home this season.
If you're planning to sell your home in the winter, you should be prepared to answer these and other questions from potential buyers.
The housing market is undergoing a shift this season, but it still makes sense to sell your home. If you're wondering if the market is still favorable for selling, here are three of the top questions you may be asking - In order to make an informed decision.
1. Should I Wait To Sell?
In the face of a growing supply of homes for sale and tight inventory levels, many people are wondering if it makes sense to sell their house this season. The graph below shows how far off we are from flipping to a buyers’ market:
Despite inventory growth, buyers have regained some negotiating power because homes are still in demand. Your house may still stand out since there are few other homes for sale, especially if you list now before the holiday rush and the start of the new year.
2. Are Buyers Still Out There?
If you’re considering selling your home but a high mortgage rate is holding you back, realize that not everyone is feeling the same way. As an article in Forbes explains:
“At about 80 million strong, millennials currently make up the largest share of homebuyers (43%) in the U.S., according to a recent National Association of REALTORS® (NAR) report. Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the ‘rent generation,’ millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. In fact, I don’t think it’s a stretch to say they are the key to the overall health and stability of the current housing industry.”
While the term “renter generation” has become synonymous with millennials, that moniker may not be appropriate anymore. The largest generation, millennials are actually a significant driving force for buyer demand in the housing market today. If you’re wondering if buyers are still out there? Yes, know that there are still people who are searching for a home to buy today. And your house may be exactly what they are looking for. Millennials who have been attracted to the luxury market are still looking for homes and while demand has eased, there are still opportunities for sellers.
3. Can I Afford To Buy My Next Home?
Homeowners have gained significant equity over the past few years, and that equity can make a big difference in the affordability equation. If you're worried about how you'll afford your next move, consider this: You may have more equity in your current home than you think. Mortgage rates are now higher than they were last year. According to Mark Fleming, Chief Economist at First American:
“. . . homeowners, in aggregate, have historically high levels of home equity. For some of those equity-rich homeowners, that means moving and taking on a higher mortgage rate isn’t a huge deal—especially if they are moving to a more affordable city.”
If you’re thinking about selling your house this winter season, connect with me today so you have the expert insights you need to make the best informed decisions.