Did You Miss Your Window to Sell Your Home?

Is the housing market still a seller's market, or is it finally showing signs of slowing down? And what could the changing market conditions, if this profound shift is happening, mean for you as a seller? Leading real estate professionals have been predicting that the seemingly endless growth in home prices, coupled with an unprecedented shortage of home listings, wouldn't last forever. Several factors suggest that the pivotal moment for housing markets across the country is at least around the corner. As a seller, you may have been waiting for the best possible time to sell your home, or you weren't ready to sell until now due to personal circumstances. But have you missed your window to sell your home in the post-pandemic seller's market? Here's how you should navigate the changing market conditions if you are listing your home for sale and what an experienced real estate agent can do to help.   New construction numbers increase, but will that correspond to a price fall? May has seen the most significant influx of new homes since June 2019. But does an increase in the number of new listings correspond with an end of the supply-demand gap fueling the unprecedented housing market growth over the past couple of years? There is some indication that the long decline in new instructions, which began skewing the market in sellers' favor even before the pandemic started in 2020, is finally coming to an end. Not quite. If we look at the figures a little closer, we'll see that while the supply end of the housing market chain is slowly recovering, it's still nowhere near the levels of 2017-2019. For context, the number of active sale listings is still less than half pre-pandemic levels. So, purely looking at the supply-demand ratio, it's got a long way to go to becoming as saturated with available homes as it was in 2017. We're still very much in a seller's market. It's also worth noting that summer is peak time for new instructions. The spike in new homes on the market won't necessarily translate into an annual trend. So far, the number of new listings has grown by only eight percent year on year. As for home prices, they are still rising, at least for the time being. As interest rates rise, the number of eligible home buyers will inevitably reduce. The aspiration toward home ownership remains so strong that what we're seeing now is what Matt Vernon, head of retail lending at Bank of America, has seen as an aggressive' market. This is where higher rates push buyers into the market to secure a home before any further rate hikes. The result? Homes listed for sale are still not staying on the market very long, and home prices are continuing to climb. You may not get as many offers as a seller on the day your listing goes live as last year. Still, homes are not failing to sell, and they're going fast—within a month of being listed on average.   Local context is always king Median home prices and nationwide trends always need local, regional nuance to understand how changing market conditions will affect you personally. One thing worth noting is that, right now, large metropolitan areas are recovering significantly from the relative lack of interest during the pandemic. This has created migratory patterns from expensive coastal and urban areas into medium-sized metropoles and suburban areas. The other trend you should be aware of a seller is that interest rate increases will inevitably hit the lower tiers of the market hardest, meaning that first-time buyers will find it the most difficult to qualify for a mortgage. If you are about to sell a higher-tier family home, you have less to worry about than if your prospective buyer is a first-time homeowner. But even within the first-time buyer market segment, regional variations will play a key role. This is where a real estate agent with in-depth local knowledge becomes valuable. A real estate agent with experience in your particular type of home in the area where you're planning to sell will have seen it all. They will know precisely who and how to market your home to, ensuring it sells at the best possible price within a desirable timeframe.   "Did I miss my window to sell my home?" The answer is: not quite. While the housing market is showing signs of change, it isn't currently changing at a rate that is concerning from a seller's point of view. However, depending on your home type and location, we'd recommend you not delay much longer and aim to sell this year. We've helped many folks navigate market shifts and we'd be happy to help you, too. We invite you to read our reviews and learn more about our services. 5-Star Reviews

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Is It Time to Sell Your Home? Here Are The Signs It Might Be

Unless you’ve been living under a rock, you’ve probably heard about the seller’s market currently taking place around the globe. Seeing what homes are selling for in your neighborhood may have you wondering, “should I sell my home, too?” In this post, we’ll go over the top signs that it may be time for you to get your very own “For Sale” sign.     #1. Your Home Is No Longer Meeting Your Needs Outgrowing your home is very common — especially for first-time buyers who outgrow their “starter homes.” As your family grows, it makes sense that a house you bought just for your partner and you starts to feel a little too snug for comfort. Once your family starts growing, or your needs change, there’s a good chance you’ll want to sell and find a new home. Of course, you should have a plan in place before listing your home as far as when the right time to list is (don’t forget to take school, work, and extracurricular schedules into account). Here are some other things to think about: How much other houses in your area are going for. If the neighborhood you’re thinking of moving to is a good fit for your family and needs. If the size of your new house will be able to fit the whole family and even grow with you. On the other end of the spectrum, as people age and their kids fly the nest, they often choose to downsize to something easier to maintain. No matter your situation, if your home is no longer meeting your needs, it’s probably a good idea to sell it.     #2. Your Home’s Upkeep Is Taking a Toll If your to-do list is never-ending and unexpected repairs pop up by the day, it might be time for a house that requires less maintenance and upkeep. Did you know the average homeowner pays $2,000 per year to maintain their home? That includes landscaping, snow removal, trash and recycling, gardening, house cleaning, septic services, and so on. That doesn’t even cover what it costs to make repairs. These costs on top of property tax and the mortgage can start to add up — surprising some first-time homeowners in particular. If it’s becoming too hard to afford upkeep or tackle the list of DIY repairs and home chores, downsizing might be in your near future — especially if your home needs excessive upkeep and maintenance and it’s no longer worth it.      #3. It Makes Financial Sense To Sell A house is the most significant investment we make, and homes can accrue a lot of value as the years pass by. If you’ve owned your house for a long time and your mortgage is paid or almost paid off, you have excellent built-in equity, and given today’s market, this may be the perfect time for you to recoup a large portion of your nest egg. The housing market is expected to stay red hot in 2022 as Zillow predicts home values will increase by an additional 11% in 2022 after increasing by a record 13% in 2021. So, if you're wondering when a good time to sell is, now is your answer! Additionally, if your financial situation has changed — either way — it might be time for a new home to accommodate your new lifestyle. A recent promotion might allow you to finally get that home with a swimming pool, while a job loss may require you to move into a smaller home.     #4. You’ve Done Your Research The best seller is a well-informed seller. If you’ve done your research on both the national and local market and know that it’s a good time to sell a home, you’re one step ahead of the game. Researching Realtors during this time is also an excellent idea because you can chat with them about what houses are selling for and get the inside scoop if any of your neighbors with homes similar to yours are planning to list theirs soon so you can know what you may be competing with — and make the required repairs/upgrades to outshine them!     #5. You Know What’s Next The thing about selling your home is, you’ll no longer have a home. You certainly don’t want to put yourself and your family out on the street! So, before you decide to list your home, you need to have a pretty good idea of what the next steps are for your living situation. Will you be relocating? Downsizing? Moving to a different school district? Whatever reason you’re moving for, it’s important to start devising a plan, researching your intended market, and figuring out what you’ll do when your current home sells.   Is it your time? Now that you’ve read our blog post, you should have a better handle on whether or not it’s time to sell. Whether the time is now or you plan on waiting a little longer, we're here to help. Let's Talk

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