Don’t Let These Two Concerns Hold You Back from Selling Your House

According to Keeping Current Matters, if you’re debating whether or not to sell your home right now, you might have unanswered questions holding you back. Concerns like whether moving makes sense in today’s market or if you’ll even find a home you love are common. Let’s address these concerns head-on and provide clarity.

Is It a Good Idea to Move Right Now?

If you already own a home, you may be hesitating because of today’s higher mortgage rates. However, your move could be more feasible than you think, thanks to your home equity.

Equity is the difference between your home's current market value and the amount you still owe on your mortgage. Over the past few years, home values have risen significantly, which has likely boosted your equity.

Dr. Selma Hepp, Chief Economist at CoreLogic, explains:

“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.”

This increased equity can be a game-changer. It allows you to put down a larger amount on your next home, reducing the amount you need to finance at today’s rates. In some cases, it might even allow you to purchase your next home outright, bypassing mortgage rates altogether.

The takeaway? Your equity could make your next move possible and financially advantageous.

Will You Find a Home You Love?

If you’re worried about low inventory, it’s worth noting that the housing market has shifted. Inventory levels have increased significantly, giving buyers more options. Data from Realtor.com shows that housing inventory is up nearly 30% year-over-year.

While inventory still hasn’t reached pre-pandemic levels, it’s the highest it’s been in years. This creates a balanced market where your home can stand out to buyers while you have more choices for your next purchase.

Local market trends can vary, so consulting a knowledgeable real estate agent is essential to understanding your area’s inventory and finding the right opportunities.

Bottom Line

If concerns about equity or inventory have made you hesitate, there’s good news: your equity is likely higher than you realize, and inventory levels are improving. Don’t let uncertainty hold you back from making a move.

Contact Indigo Skye Group today to learn how we can help you navigate the market confidently and make the most of your opportunities.


Source: Keeping Current Matters