The property market is changing this time of year, which may make you wonder if it still makes sense to sell your home. Here are three essential queries you could have, along with the information that will help you find the answers to make an informed choice.
1. Should I Put Off Selling?
Even if more houses are sold in 2022, the total inventory is still low. It is still a sellers’ market as a result. The graph below provides context for the inventory growth.
Although the increase in inventory has given buyers some negotiating power back, your window of opportunity to sell has yet to pass. Since there is less competition for your home, it can still be noticed, especially if you list now while other sellers wait until after the Christmas rush and the beginning of the new year.
2. Are There Any Buyers Left?
Remember that not all homeowners will see a decline in buyer desire due to rising mortgage rates if you are considering selling your home but are holding off because of your concerns. The housing demand has decreased this year, but millennials are still actively seeking it.
Although the millennial generation has been referred to as the “renter generation,” that moniker could no longer be applicable. The largest generation, millennials, are a vital factor in today’s housing market’s buyer desire. If you’re wondering whether there are any buyers out there right now, you should know that there are. And they could find all they need in your home.
3. Am I Able To Purchase My Next Home?
You could have more equity in your present house than you think, so keep that in mind if the state of the market is making you concerned about how you’ll pay for your next move.
Homeowners have built up substantial equity over the previous several years, and this equity may significantly alter the affordability equation, particularly given that mortgage rates are currently higher than they were a year ago.