Don’t Let These Two Concerns Hold You Back from Selling Your House
If you’ve been on the fence about selling your home, you’re not alone. It’s common to wonder if moving makes sense in today’s market or worry about finding the right home to move into. Here’s how you can address these concerns with confidence.
1. Is It Even a Good Idea To Move Right Now?
Many homeowners are hesitant to sell because they don’t want to take on a higher mortgage rate for their next home. However, your equity could make a significant difference.
What Is Equity?
Equity is the difference between your home’s current market value and what you owe on your mortgage. Thanks to rising home prices over recent years, homeowners have seen substantial gains in their equity.
According to Dr. Selma Hepp, Chief Economist at CoreLogic:
“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.”
Why Equity Matters
Larger Down Payment: 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 rates.
Potential Cash Purchase: In some cases, your equity could be enough to buy your next home outright, avoiding mortgage rates entirely.
Your equity can be the game-changer that makes your move not only possible but financially smart.
2. Will I Be Able To Find a Home I Like?
If you’re worried about inventory, the good news is that finding a home today is easier than it was in recent years.
Inventory Is Increasing
According to Realtor.com, the number of homes for sale has increased nearly 30% year-over-year.
While inventory is still below pre-pandemic levels, it’s currently higher than it has been in quite some time, offering more options for buyers.
Why This Matters for You
More homes available means you’ll have better chances of finding a property that fits your needs.
At the same time, demand is steady, so your current home should still attract strong buyer interest.
The Importance of Local Expertise
Inventory trends can vary significantly by location. A local real estate agent can:
Help you understand market conditions in your area.
Guide you to homes that match your criteria.
Ensure your current home is marketed effectively to attract buyers.
Bottom Line
Selling your home doesn’t have to feel like a leap of faith. With strong equity gains and an improving inventory landscape, now could be the right time to make your move.
Finding ways to make your credit score better could help you get a lower mortgage rate. When you’re ready to get the process started, let’s connect.