What to Know Before Listing Your Home This Year

There’s no denying that mortgage rates significantly influence today’s housing market. This situation might lead you to wonder whether it still makes sense to sell your house and move.

Here are three critical questions you might have and data to help answer them.

1. Should I Wait To Sell?

If you’re considering waiting to sell until mortgage rates decrease, it’s important to know that many others are thinking the same. Although mortgage rates are expected to drop later this year, waiting could result in increased competition as more buyers and sellers re-enter the market. According to Bright MLS:

“Even a modest drop in rates will bring both more buyers and more sellers into the market.”

This means that if you decide to wait, you might face faster-rising prices and more multiple-offer situations when you buy your next home.

2. Are Buyers Still Out There?

Despite some people holding off, there are still many active buyers today. Here’s the data to support this.

The ShowingTime Showing Index, which measures the frequency of buyer home tours, indicates consistent buyer activity. The graph below shows buyer activity for March (the latest data available) over the past seven years:

Demand has dipped somewhat since the “unicorn” years (highlighted in pink) due to various market factors such as higher mortgage rates, rising prices, and limited inventory. To truly understand today’s demand, it’s essential to compare the current market to the last normal years (2018-2019), not the exceptional “unicorn” years.

By focusing on the blue bars, you can see how 2024 measures up. This comparison provides a fresh perspective.

Nationally, demand remains high compared to the last normal years in the housing market (2018-2019). This indicates there is still a strong market for selling your house.

3. What About Home Prices?

Home prices are another crucial factor to consider. Although prices have fluctuated due to changing market conditions, they have generally shown resilience. It’s important to stay informed about current trends and predictions for your local market.

Allow Lisa Skumpija To Be Your Guide

While mortgage rates are a significant factor in today’s market, there are still active buyers, and home prices remain strong. Whether you choose to sell now or wait, being well-informed and prepared will help you make the best decision for your situation. Still have questions about listing your home? Lisa Skumpija is happy to help! Get in touch now.

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