There's no denying the housing market is undergoing a shift, and that may leave you with some questions about whether it still makes sense to sell your home. Here are a few of the question you may have – and the facts that help answer them – so you can make an informed decision.
1. Should I Wait To Sell?
Even though the supply of homes for sale has increased, the inventory is still low overall. We don't have the crazy Seller's market that we had, but it is not a Buyer's Market either.
While buyers have regained some ability to negotiate as inventory has grown, you haven't completely missed your window to sell. Your house could still stand out since inventory is low, especially if you list now while other homeowners hold off until after the holidays.
2. Are Buyers Still Out There?
If you're thinking of selling your house but are hesitant because you're worried buyer demand has disappeared in the face of higher mortgage rates, know that isn't the case for everyone. While demand has eased this year, millennials are still looking for homes. They represent over 40% of all potential homebuyers. They are (finally) eager to become homeowners!
While the millennial generation has been called the "renter generation", that namesake may not be appropriate anymore. They are literally the largest generation, and are therefore a significant driving force for buyer demand in the housing market today. If you're wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what they're looking for.
3. Can I Afford To Buy My Next Home?
If current market conditions have you worried about how you'll afford your next move, consider this: you may have more equity in your current home than you realize. With the overall appreciation in the past few years, that equity can make a big difference in what you can actually afford, especially with mortgage rates higher now than they were last year. This is especially true if you are moving to a more affordable area.
If you're thinking about selling your house this season, let's connect so you have the expert insights you need to make the best possible move today. My office is open 7 days a week for your convenience, and I'm looking forward to assisting you with all of your real estate needs.
Laura Harbison, ABR, AHWD, BPOR, BS, CDPE, CRS, DRB, GRI, PSA, RSPS, SRES
Broker/Owner REALTY EXECUTIVES SOUTHERN NEVADA PROPERTIES
License Numbers B.0026537LLC PM.0164922.BKR
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