If you’re unsure about selling right now, it might be due to some lingering questions, such as whether it’s the right time to move in today’s market. You may be wondering if moving is a good idea or feeling stressed about finding a home you’ll love.
To ease your worries, here’s how to address these two concerns directly.
Is Moving Right Now a Smart Decision?
If you already own a home, you might be hesitant to sell due to concerns about taking on a higher mortgage rate for your next house. However, your move could be more manageable than you realize, thanks to the equity you’ve built.
Equity is the difference between your home’s current market value and what you still owe on your loan. With the rapid appreciation we’ve seen in recent years, your equity has likely increased significantly. Wondering how much? Here’s what 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.”
Here’s why this is a game-changer when selling: You can use your equity to make a larger down payment on your next home, reducing the amount you need to finance at today’s mortgage rates. In some cases, you might even be able to buy your next home outright with cash, bypassing mortgage rates entirely.
The bottom line: Your equity could be the key to making your next move a reality.
Will I Be Able to Find a Home that Fits My Needs?
If this is on your mind, it’s likely because you recall how limited the supply of homes for sale was in recent years. It felt almost impossible to find a home to buy with so few options available.
Finding a home in today’s market is less challenging. The number of homes for sale is rising, offering you more options to choose from. Data from Realtor.com highlights the increase in inventory—up nearly 30% year-over-year (see graph below):
Although inventory is still below pre-pandemic levels, it’s the highest it’s been in quite some time. This gives you more options for your move while ensuring your home can still stand out to buyers. It’s the perfect balance for you.
It’s important to remember that this balance can vary by local market. Some areas may have more homes available than others, so partnering with a local real estate agent is the best way to understand inventory trends in your area.
In Conclusion
If you’re considering selling, hopefully, these concerns haven’t kept you awake at night. With this information, you can see that you no longer need to let the what-ifs hold up your move.
Connect with a Benson & Mangold agent so you can get the data and local insights you need to move forward.
