Friday, September 9, 2022 / by Laura Larson
Opportunity No. 1: You Have More Move Options
The increasing number of houses for sale is one of the major stories right now. Since the beginning of the year, there has been an increase in housing inventory, largely because rising mortgage rates have reduced the peak frenzy in buyer demand. You might not know it, but that could work to your advantage.
You'll have more possibilities for your own home hunt if you're selling your house to move. This increases your likelihood of discovering a house that meets all of your requirements. As a result, if you've held off selling because you were concerned about finding a new home, be aware that your alternatives have expanded.
Opportunity #2: There aren't many homes available on the market.
Just keep in mind that despite data showing an increase in the number of properties for sale this year, the housing supply is still firmly in the sellers' market zone. A six-month supply of homes would be required for there to be a balanced market where there are enough properties available to match the rate of buyer demand. Only 3.3 months' worth of inventory existed in July, according to the National Association of Realtors (NAR) most recent report, the figure for Northern Virginia is even lower.
Although you'll have more options for your personal house search, inventory is still limited, so if you price your home well, it will still be in demand. That’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.
Opportunity #3: Your Equity Has Increased Significantly
Your equity (and net worth) have probably increased significantly as a result of the market's recent home price gain. Danielle Hale, Chief Economist at realtor.com, explains: "In many communities across the nation, homeowners trying to decide whether now is the right moment to list their home for sale are still in a favorable position because a decade of growing home prices has given them a sizable equity cushion...”
Rest assured that your equity can help if you've been putting off selling because you're concerned about how rising prices will affect your hunt for your next property. It may be just what you need to cover a large portion (if not all) of the down payment on your next home.
If you’re thinking about selling your house this season, work with Laura Larson so you have the expert insights you need to make the best possible move today.