Thinking about selling your house but feeling uncertain? Maybe you’re wondering if moving in today’s market is the right choice. Or perhaps you’re worried you won’t find a home you love. These are common concerns, but with the right approach, they don’t have to hold you back.
Let’s tackle these two concerns head-on:
1. Is It the Right Time To Move?
If you’re a homeowner, you might hesitate to sell because of higher mortgage rates. However, your equity could make the move more achievable than you think.
Equity is the difference between your home’s current market value and what you still owe on it. Over the past few years, rapid home price growth has significantly increased equity for many homeowners. As Dr. Selma Hepp, Chief Economist at CoreLogic, explains:
"Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity and almost $129,000 more than at the onset of the pandemic."
This equity can be a game-changer. It allows you to make a substantial down payment on your next home, reducing the amount you need to finance. In some cases, you might even purchase your next home outright, avoiding mortgage rates altogether.
2. Will I Be Able to Find a Home I Love?
The past few years saw a historically low supply of homes, making it difficult to find the right one. However, today’s market looks different.
Inventory is on the rise, with Realtor.com reporting a nearly 30% year-over-year increase in homes for sale. While inventory hasn’t fully returned to pre-pandemic levels, it’s at its highest point in years. This gives you more options to choose from while still keeping your current home appealing to buyers.
It’s worth noting that housing availability varies by location. That’s why working with a local real estate professional is essential—they’ll help you understand inventory trends in your area and find the perfect home for your needs.
The Bottom Line
Selling your home doesn’t have to feel overwhelming. With today’s market trends and the power of your equity, your move may be easier than you expect.
Call me, Teresa Hill, for all your real estate needs. I’ll provide the expertise and local insight you need to sell confidently and find a home you’ll love!
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