The new year is bringing some changes to the housing market. This winter we are seeing a shift from a booming sellers’ market to a softer sellers’ market. Professionals in the industry have three questions to consider when making the decision to sell your home. 
1. Should I Wait To Sell?
The supply of homes for sale has increased but the housing inventory is still low. It is still a seller’s market according to the National Association of Realtors (NAR). Buyers are seeing some negotiating powers coming back. Before the market becomes saturated with sellers, you should go ahead and list.
2. Are Buyers Still Out There?
Don’t worry, the buyers are still out there. Even though the interest rates are increasing, buyers are still buying especially millennials.
“At about 80 million strong, millennials currently make up the largest share of homebuyers (43%) in the U.S., according to a recent National Association of Realtors (NAR) report. Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the ‘rent generation,’ millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. In fact, I don’t think it’s a stretch to say they are the key to the overall health and stability of the current housing industry,” according to Forbes.
Can I Afford To Buy My Next Home?
Even though home prices have spiked, it is still a great time to buy. With the equity in your current home, you can afford to purchase. With the rising home prices, comes a gain in equity for homeowners.
“For some of those equity-rich homeowners, that means moving and taking on a higher mortgage rate isn’t a huge deal—especially if they are moving to a more affordable city,” reports Mark Fleming, Chief Economist at First American.
Selling your home is still a good idea and if you are in the market to sell, contact your local realtor.
