1. Should I Wait To Sell?
Even though the supply of homes for sale has grown in 2022, inventory is still low overall. The
graph below helps put the inventory growth into perspective to show we’re still in sellers’ market
territory in terms of housing supply and aren’t near a neutral or buyers’ market. That means you
haven’t missed your chance.
2. Are Buyers Still Out There?
If you’re thinking of selling your house but are hesitant because you’re worried that buyer
demand has disappeared in the face of higher mortgage rates, know that isn’t the case for
everyone. While demand has eased in 2022, millennials are still looking for homes. As an article
in Forbes explains:
“At about 80 million strong, millennials currently make up the largest share of
homebuyers (43%) in the U.S., according to a recent National Association of
Realtors (NAR) report. Simply due to their numbers and eagerness to become
homeowners, this cohort is quite literally shaping the next frontier of the homebuying
process. Once known as the ‘rent generation,’ millennials have proven to be savvy
buyers who are quite nimble in their quest to own real estate. In fact, I don’t think
it’s a stretch to say they are the key to the overall health and stability of the current
housing industry.”
While the millennial generation has been dubbed the renter generation, that namesake may not
be appropriate anymore. Millennials, the largest generation, are actually a significant driving
force for buyer demand in the housing market today. If you’re wondering if buyers are still out
there, know that there are still people who are searching for a home to buy. And your house
may be exactly what they’re looking for.
3. Can I Afford To Buy My Next Home?
If current market conditions have you worried about how you’ll afford your next move, consider
this: you may have more equity in your current home than you realize. Homeowners have
gained significant equity over the past few years, and that equity can be a game changer when
it comes time to sell and make a move. According to Mark Fleming, Chief Economist at
First American:
“. . . homeowners, in aggregate, have historically high levels of home equity. For
some of those equity-rich homeowners, that means moving and taking on a higher
mortgage rate isn’t a huge deal—especially if they are moving to a more affordable city.”
