According to the data, there are five reasons to consider selling your house this summer:
1. Inventory is still low.
Housing inventory has been struggling for about 15 years—since 2008’s housing crisis. But within the pandemic, these supply issues became glaringly obvious.
- Even though buyer demand has cooled, we remain in a seller’s market.
- Housing inventory levels are moving upward, but it will take time to correct the shortage.
- Buyers are still interested; the average home is receiving multiple offers.*
“For some buyers, higher mortgage rates simply mean buying a home is out of the question unless home prices fall,” Lisa Sturtevant, Bright MLS Chief Economist, says. “For others, higher rates will be a hurdle but ultimately will not keep them from getting back into the market after sitting on the sidelines for months.”
Friendly reminder: Getting **pre-approved before you list can help you move into your new home faster.
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2. Buyers are still motivated.
Houses are attracting buyers, as long as they’re priced right. This is where the help of a skilled real estate agent comes in. (If you haven’t found one yet, you can ask your local Academy Loan Officer for a referral to an agent they’ve worked successfully with.)
“Affordability will still be a challenge for many buyers this year, but home sellers who price and market their home competitively shouldn't have a problem finding a buyer,” Jeff Tucker, Zillow Senior Economist, says.
While today’s market isn’t as competitive as it was a year ago, home sellers who have realistic expectations and expert guidance can price their home to sell. If you find this sweet spot for your listing, you may have several offers to choose from.* Right now, the general consensus is: If a home’s priced right, it’s going to sell.
3. Mortgage rates should moderate.
Mortgage rates have increased but are still below the historical average. It can help to keep in mind that:
Home sellers can also use a rate-lowering strategy to entice buyers. Academy’s Lock and List program combines a rate lock with a Temporary Buydown, allowing a seller to list their property at a lower interest rate to gain an advantage. If you’d like to Lock and List, ask your local Academy Loan Officer for details.
4. You probably have more than enough equity to trade up or downsize.
Though the market has slowed, home prices are expected to continue to appreciate. This has much to do with the ongoing housing supply shortage, making it impossible to meet current levels of buyer demand. When mortgage rates started to rise in 2022, many buyers took it is a sign to purchase before rates moved any higher. This surge in competition only fueled the fire, further driving up home prices.
Today’s home sellers have a unique opportunity to list and leverage this appreciation in home prices. It’s likely that rising prices have increased the value of your home, helping to build prosperity through equity gains. Right now, the average homeowner has accrued anywhere from $14,300 to $63,100 in home equity in the last 18 months—which could be used toward your next home purchase.
5. You’re ready for your next chapter.
It’s no secret that the pandemic changed how we view our living arrangements. In the last few years, many renters have moved toward homeownership seeking security. Many homeowners have opted to sell and buy a new house to accommodate their needs—whether for more outdoor space, an extra room to hold a home office or gym, or even a smaller home to cut down on monthly spending.
You too might be ready to sell so you can move forward with your life. This motivating factor, for many, can supersede the financials and tell you if it’s worth the wait. It might be time to move to a new neighborhood, city, or state or to find a house that better fits your pets or family.