Should I Sell My House This Winter?

There’s no disputing that the housing market has a lot going on this season. This may raise some concerns about whether it is still worthwhile to sell your home. These are three of the most common questions, as well as the statistics that can help you answer them so you can make an informed decision.

Should I wait to sell?

Even though the amount of houses for sale has increased in 2022, total inventory remains low. The graph below helps put inventory increase into context, demonstrating that we are still in a sellers’ market in terms of housing supply and are not close to a neutral or buyers’ market. That signifies you haven’t missed your opportunity.

Are buyers still out there?

If you’re considering selling your home but are reluctant because you’re concerned that buyer demand has dwindled due to increasing mortgage rates, know that this isn’t the case for everyone. Millennials are still looking for homes, even if demand has decreased in 2022.

“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.”

Source: article in Forbes

While the millennial generation has been labelled the renter generation, that moniker may no longer be applicable. Millennials, the biggest generation, are currently a huge driving factor in the housing market. If you’re wondering if buyers are still out there, remember that there are individuals looking to buy a property. And your home may be just what they’re looking for.

Can I afford to buy my next home?

If you’re concerned about how you’ll finance your next move in light of current market conditions, consider this: you may have more equity in your present house than you know. Homeowners have built up enormous equity in recent years, and that equity may be a game changer when it comes time to sell and move.

“. . . 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.”

Source: Mark Fleming, Chief Economist at First American

Bottom line

If you’re considering selling your home in the near future, let’s talk so you can get the experienced advice you need to make the best decision now. Here’s what some experts think about the market and where it’s going.

For homeowners deciding whether to make a move this year, remember that listing prices – while lower than a few months ago – remain higher than in prior years, so you’re still likely to find opportunities to cash-in on record-high levels of equity, particularly if you’ve owned your home for a longer period of time.

Source: Danielle Hale, Chief Economist, realtor.com

Demographic trends are creating new buyers: There’s strong demand for homes on many fronts. Many Americans who already owned homes decided during the pandemic that they needed bigger places, especially with the rise of working from home. Millennials are a huge group and in their prime buying years.

Source: Jeff Ostrowski, Senior Mortgage Reporter, Bankrate