If youâ€™re a homeowner thinking about selling your house, youâ€™re probably looking for the best time to make your move. That means youâ€™re likely balancing a number of factors, like your changing needs, where youâ€™ll go when you sell, and todayâ€™s mortgage rates in order to time it just right.
According to recent data, that sweet spot could already be here. The latest Home Purchase Sentiment Index (HPSI) by Fannie Mae finds that 76% of consumers believe now is a good time to sell.
The graph below shows the percentage of survey respondents who say itâ€™s a good time to sell a house. The big dip in March and April of 2020 reflects how consumer sentiment dropped at the beginning of the pandemic as uncertainty about the health crisis grew. Since then, the percentage has grown consistently as more people feel confident itâ€™s a good time to sell.
In fact, survey respondents think itâ€™s an even better time to sell a house today than they did in 2019, which was a strong year for the housing market. The latest survey results indicate one of the strongest peaks in seller sentiment in nearly three years (see graph below):
One reason so many people think itâ€™s a good time to sell is because there are still more buyers in todayâ€™s market than there are homes for sale. Thatâ€™s driving home prices up, making it a good time to sell your house.
And if youâ€™re on the fence about whether or not to sell because you donâ€™t know where youâ€™ll go once you do, know that you might have more options today than in previous months. Thatâ€™s because the number of homes coming onto the market has grown each month since the start of the year. When more homes come onto the market, it gives you more opportunities to find one that meets your changing needs.
While the number of homes available for sale is growing and giving you more options for your move, inventory is still low overall. That could mean itâ€™s a great time for you to sell. If youâ€™re ready to address your changing needs and take advantage of todayâ€™s favorable conditions, letâ€™s connect.