There’s no denying the housing market is undergoing a shift this seasaon as buyer demand slows and the number of homes for sale grows. But the shift actually gives you some unique benefits when you sell. Here’s a look at the key opportunities you have if you list your house this fall.
Opportunity #1: You have more options for your move. 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 you’re selling your house to make a move, it means you’ll have more options for your own search. That gives you an even better chancee to find a home that checks all of your boxes. So, if you’ve put off selling because you were worried about being able to find somewhere to go, know your options have improved.
Opportunity #2: The number of homes on the market is still low. Remember, while data shows the number of homes for sale has increased this year, housing supply is still firmly in the seller’s 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 months’ supply of homes. According to the latest report from the National Association of Realtors (NAR) in July, there was only 3.3 months supply. While you’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. That’s why the most recent data from NAR shows the average home sold in July still saw multiple offers and sold in as little as 14 days.
Opportunity #3: Your equity has grown by record amounts. The home price appreciation the market saw over the past few years has likely given your equity (and your net worth) a considerable boost. If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help. It may be just what you need to cover a large portion (if not all) of the down payment on your next home.
Bottom Line: If you’re thinking about selling your house this season, connect with one of our agents at Falvey Real Estate Group 518.452.3912 to get the expert insights you need to make the best possible move today.