Is now a good time to sell a home? It is a topic that many potential house sellers are pondering, especially following last year’s rapid increase in home values. It might be tempting to delay the sale for an additional year or two but the majority of real estate experts think yes, this is a good time to sell your house. There are several causes for this, including persistent buyer demand and a lack of available homes. The mortgage rates are increasing and show no indication of slowing in the near future.
Some first-time buyers may be compelled to leave the market if mortgage interest rates continue to rise. In other words, if you are considering whether to sell a house now or wait until 2023, it may be prudent to do so before interest rates close. The intense competition for housing results in fewer options, higher prices, and faster sales. In a seller’s housing market, there are more interested buyers than available homes and that makes it a difficult time to buy a house, especially for first-time buyers.
According to the National Association of Realtors, the national median price for existing homes sold in June was $416,000, up 13.4% from the same month in 2021. This is the longest streak of year-over-year growth ever recorded, spanning 124 months. Also, the price exceeded $400,000 for the second time. 88 percent of homes sold were on the market for less than one month and they typically remained on the market for 14 days, down from 16 days in May and 17 days in June 2021.
In the first week of October 2022, new listings, a measure of sellers placing their houses on the market, were again 8% lower than one year earlier. This week represents the fifth consecutive week of year-over-year reductions in the number of new listings, indicating that fewer homeowners are ready to offer their homes for sale in this market that is rebalancing.
Many of the indications we monitor reflect that the housing correction has already begun, and sellers appear to have gotten the message. If sellers hesitate to enter the market due to a diminishing perception that now is a good time to sell, the housing market might be slowed, and it could take longer for equilibrium to recover. With home equity at a historic high, homeowners on the fence about selling should realize that they are likely in a good position.
With persistent supply constraints and high buyer demand, now is an excellent time to sell your house. And with borrowing rates on the rise, it may be preferable to sell sooner rather than later; if rates go substantially more, prospective buyers may abandon their property search.
Find a good broker to sell your house now. A skilled real estate agent’s assistance may be vital, especially in a hot housing market. According to NAR’s most recent Profile of Home Buyers and Sellers, 90 percent of sellers worked with an agent, and it’s easy to see why. NAR data shows that the typical home sold with the help of a real estate agent in 2021 went for $318,000, while homes without an agent on board went for $260,000. Agents have access to the multiple listing service (MLS), which organizes listings for real estate professionals and web portals like Zillow. An agent can assist distinguish between serious buyers and those who are just looking. Give us a call today at 828-479-3991 today to discuss the possibilities.