Thereâ€™s no denying the housing market is undergoing a shift this season as buyer demand slows and the number of homes for sale grows. ButÂ that shift actually gives you some unique benefits when you sell. Hereâ€™s a look atÂ the key opportunities you have if you list your house this fall.
One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.
If youâ€™re selling your house to make a move, it means youâ€™ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if youâ€™ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.
Just remember, while data shows the number of homes for sale has increased this year, housing supply is still firmly in sellersâ€™ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a six monthsâ€™ supply of homes. According to the latest report from the National Association of Realtors (NAR), in July, there was only a 3.3 monthsâ€™ supply.
While youâ€™ll have more options for your own home search, inventory is still low, and that means your home will still be in demand if you price it right.Â Thatâ€™s why the most recent data from NAR also shows the average home sold in July still saw multiple offers and sold in as little as 14 days.
â€œHome owners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .â€Â
If youâ€™ve been holding off on selling because youâ€™re worried about how rising prices will impact your nextÂ home search, rest assured your equity can help. It may be just what you need to cover a large portion (if not all) of theÂ down paymentÂ on your next home.
If youâ€™re thinking about selling your house this season, letâ€™s connect so you have the expert insights you need to make the best possible move today.