Currently, the housing market is undergoing a shift as buyer demand slows and the number of homes for sale grows. People are asking questions about the market — should you sell your home this fall, or should you list your home higher? There are key opportunities you have if you list your home this fall.
The Equity in Your Home has Grown Substantially
Home appreciation over the past few years has given your net worth (equity) a considerable boost. Danielle Hale, Chief Economist at realtor.com, states “Homeowners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .”
If you’ve been holding off on selling your home because you are worried about how rising prices will impact your next home search, rest assured your equity can help. It may be just what you need to cover a large portion of the down payment on your next home.
The Number of Homes on the Market Is Still Low
Data shows the number of homes for sale has increased this year, and the housing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a six months supply of homes. According to a July report from the National Association of Realtors, there was only a 3.3-month supply of homes for sale.
While you’ll have more options for your own home search, inventory is still low, and that means your home will still be in demand if you price it right. That’s why the most recent data from NAR also shows the average home sold in July still saw multiple offers and sold in as little as 14 days.
If You Sell Your Home, There are More Options for Your Move
Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand. But what you may not realize is, that actually could benefit you.
If you sell your home in Downers Grove to purchase a larger or smaller home, it means you’ll have more options for your own home search. You have an even better chance to find a home that checks all of your boxes. If you’ve put off selling your home because you were worried about buying a new home, know that your options have improved.
Downers Grove Real Estate Agents
When you are ready to sell your home in Downers Grove and look for another home to buy, contact a real estate agent at Wenzel Select Properties. Our professional real estate team will help you find the exact fit for your lifestyle, whether it is selling or buying a new home. Our real estate office is located at 4941 Main Street in Downers Grove, Illinois. Call our office at (630) 430-4790 or by email.