If you’re unsure about selling your home these days, these two questions are probably top of mind. To help you out, here are answers to these key concerns:
1. Is moving a good choice right now?
If you already own a home, high interest rates might make selling and buying a new one feel burdensome. However, moving might actually be more feasible than you think—thanks to home equity.
Home equity is the difference between your home's current market value and the amount still owed on your mortgage. Due to rapid home price increases in recent years, most homeowners now have significant equity. According to Dr. Selma Hepp, Head Economist at CoreLogic, the average homeowner's equity has reached about $315,000, which is an increase of approximately $129,000 since the start of the pandemic.
This equity can play a crucial role when moving to a new home. By using your home equity to pay a larger down payment on a new home, you can reduce the mortgage amount, potentially making it more manageable even with higher interest rates. In some cases, you might even be able to buy a new home in cash and avoid a mortgage altogether.
In other words, the increased equity in your current home might make moving a viable option, despite current challenges.
2. Will I be able to find the home I want?
This concern likely stems from the shortage of homes for sale in recent years, when finding a property felt almost impossible.
However, the market is different now. The number of available listings has increased, giving you more options. According to data from Realtor.com, the number of listings has risen by about 30% compared to last year.
While the inventory is still below pre-pandemic levels, it's at the highest point in recent years. This means more homes to choose from, and potentially more buyers interested in your home as well, making this an ideal time to sell.
However, inventory levels can vary by region, so it’s important to work with a local real estate expert to understand the trends in your area.
Conclusion
If you’ve been on the fence about selling, I hope the information above helps alleviate some of your concerns. There's no need to keep delaying decisions due to the “what ifs.”
Consult with a local expert to review current data and market trends, and plan your next steps accordingly.
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