Selling your home is a big decision and you want to make sure it is the right choice at the right time. Professionals in the industry suggest asking yourself these three questions when deciding to sell your home.
1. Should I Wait To Sell?
Even though we are currently seeing a rise in inventory, we are still very low compared to housing inventory just five years ago. The low inventory is making the current market a sellers’ market. When looking at the current market to determine what market we are in, we have to look at the inventory numbers. If it is a buyers’ market, then there will be over seven months of inventory on the market, if we are in a neutral market, there will be around six to seven months of inventory, if we are in a sellers’ market, then there is less than six months of inventory. September 2021 there was only 2.4 months of inventory while September 2022 saw 3.2 months of inventory.
2. Are Buyers Still Out There?
The last two years have seen madness when it comes to home buyers. There are still buyers out there, however we are moving back to pre-pandemic levels. The showing activity is an indicator of buying demand in a current market. Pre-pandemic levels were still a good market for the real estate industry.
3. Can I Afford My Next Home?
Although home prices have risen, that means homeowners equity has also risen. Homeowners can use this equity to purchase a new home. “The total average equity per borrower has now reached almost $300,000, the highest in the data series,” states CoreLogic.
If you are interested in selling a home, ask a realtor to help you along the way. A real estate agent can help you answer these questions and list your home.