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  • Writer's pictureDebi Haning

Questions You May Have About Selling Your House

The current mortgage rates are undoubtedly influencing the housing market, and you might be wondering if it's still a good time to sell your house. Here are three common questions you may have and some insights to help you decide.


1. Should I Wait To Sell?


You might be considering waiting until mortgage rates drop before selling your home. However, it’s important to note that many others are thinking the same thing. According to Bright MLS:


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


This means if you wait, you could face increased competition from other sellers, and prices may rise faster, leading to more multiple-offer situations when you look to buy your next home.


2. Are Buyers Still Out There?


Yes, there are still active buyers in the market. While some potential buyers are holding off, many are still looking to purchase homes. The ShowingTime Showing Index, which tracks how frequently buyers tour homes, provides valuable insights into current buyer activity. 


The data for March over the past seven years shows that while demand has decreased since the high-demand ‘unicorn’ years (marked in pink), it's still robust compared to the more typical years of 2018-2019 (marked in blue). 



This indicates that demand remains high relative to normal market conditions, meaning there are still plenty of buyers interested in homes like yours.


3. Can I Afford To Buy My Next Home?


If you’re concerned about affording your next home with today’s rates and prices, consider your current home equity. Homeowners have accumulated significant equity in recent years, which can greatly benefit your next purchase. You might even be able to buy your next home with all cash, avoiding a mortgage altogether.


Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), highlights:


“ . . . those who have earned housing equity through home price appreciation are the current winners in today's housing market. One-third of recent home buyers did not finance their home purchase last month—the highest share in a decade. For these buyers, interest rates may be less influential in their purchase decisions.”


Bottom Line


If these questions have been on your mind and holding you back from selling, this information should provide some clarity. A survey from Realtor.com reveals that over 85% of potential sellers have been contemplating selling for over a year. Many of them are still on the fence, just like you.


Interestingly, 79% of recent sellers wish they had sold sooner. If you’re ready to explore your options or need more information, let’s connect. I’m here to help you navigate these decisions and make the best choice for your situation.


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