What It Means to List in Today’s Market
We have all witnessed the shift in the last couple of months as buyer demand slows and the number of homes for sale grows. But as a seller, there are still many benefits to listing your house for sale this fall.
For one, sellers become buyers, and with the growing supply of homes, you as a buyer will have more options for your own home search. Sellers have wondered where they will go if they do list their home. But with the rise in inventory comes the rise in opportunities for purchasing.
That said, the number of homes on the market is still relatively low from a market perspective. To be in a balanced market where there would be enough homes available to meet buyer demand, there would need to be a six months’ supply of homes. According to a recent report from the National Association of Realtors (NAR), there is only a 3.3 months’ supply. A key factor in listing in this changing market is to price your home right. The buying frenzy of a few months ago has shifted, and with inventory higher, it is essential to price to be competitive.
Another factor that favors sellers is that their equity has grown by record amounts in the last decade. This equity can help to cover much of the down payment on your next purchase.
It is true that mortgage rates are higher right now, but there are other non-financial factors to consider when it comes to making a move. You may have other things going on in your life that make a move essential, regardless of where rates are today. As Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), explains:
“Home sellers have historically moved when something in their lives changed – a new baby, a marriage, a divorce or a new job…”
The 2022 Summer Sellers Survey by realtor.com asked recent home sellers why they decided to sell. Top reasons given were:
- 31% – Want different features/amenities
- 29% – Home no longer meets their needs
- 26% – Need a home office to work
- 23% – Want to be closer to loved ones
- 22% – Want a smaller house that’s less work
- 17% – No longer need to live near their office
As noted above, the key for sellers in the current market is pricing. If you are looking to sell in the near future, work with your real estate agent to come up with a price that will win buyers’ attention.
Debbie Austin is a realtor associate with Keller Williams, Roseville and has been helping clients buy and sell property in the area for 18 years. If you have a specific real estate question you wish to see addressed, contact Debbie at debbieaustin@kw.com or debbieaustinrealty.com
