1. Should I Wait To Sell?
If you’re thinking of waiting until mortgage rates drop, consider this: many others have the same idea. While mortgage rates are forecasted to decrease later this year, waiting could mean facing more competition from other buyers and sellers entering the market. As OneKey MLS states:
“Even a modest drop in rates will bring both more buyers and more sellers into the market.”
2. Are Buyers Still Out There?
Despite some people holding off, there are still plenty of active buyers. The ShowingTime Showing Index, which measures buyer activity, shows that demand remains high compared to the last normal years in the market (2018-2019), even though it has dipped since the ‘unicorn’ years. This means there is still a market for your house.
3. Can I Afford To Buy My Next Home?
Worried about affording your next home with today’s rates and prices? You likely have more equity in your current home than you realize. Homeowners have gained significant equity in recent years, which can make a big difference in your next purchase. You may even have enough equity to buy your next home with cash, avoiding the need for a mortgage altogether. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors, notes:
Bottom Line
If these questions have been holding you back from selling, this information should help. A survey from Realtor.com found that over 85% of potential sellers have been considering selling for more than a year. Among recent sellers, 79% wished they had sold sooner. If you have more questions or need additional information, contact Ken Rabasco at Keller Williams Realty Group.
Answer
- Mortgage rates are impacting the housing market significantly.
- Waiting to sell might increase competition later this year.
- Buyer demand remains strong compared to pre-pandemic years.
- Homeowners have gained substantial equity, easing their next purchase.