Should I Wait To Sell? Or Make The Move?

There’s no denying mortgage rates are having a big impact on today’s housing market. And that might leave you wondering if it still makes sense to sell your house and make a move, or if you should wait to sell. Let’s dive into three top questions you might have and look at the data to help you decide.

Should I Wait To Sell?

Thinking about waiting to sell until mortgage rates come down? You’re not alone. A lot of people are considering the same thing. Mortgage rates are expected to decrease later this year, but if you wait, you might face a lot more competition as both buyers and sellers jump back into the market. As Bright MLS says:

“Even a modest drop in rates will bring both more buyers and more sellers into the market.”

So, waiting could mean dealing with rising prices and more multiple-offer situations when you buy your next home.

Are Buyers Still Out There?

Even though some people are holding off, there are still plenty of buyers active today. The ShowingTime Showing Index, which measures how frequently buyers are touring homes, provides some insight. Looking at data from March over the past seven years, you’ll notice demand has dipped since the ‘unicorn’ years, but that’s due to higher mortgage rates, rising prices, and limited inventory.

To really understand today’s demand, compare current numbers to the last normal years in the market (2018-2019) rather than the abnormal ‘unicorn’ years. When you focus on how 2024 stacks up, it shows that demand is still high compared to those normal years. There’s definitely a market for your house to sell.

Can I Afford To Buy My Next Home?

Worried about affording your next move with today’s rates and prices? You might have more equity in your current home than you realize. Homeowners have gained record amounts of equity over the past few years, which can make a big difference when buying your next home. You might even have enough to buy with cash and avoid taking out a mortgage altogether. As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:

“ . . . those who have earned housing equity through home price appreciation are the current winners in today’s housing market. One-third of recent home buyers did not finance their home purchase last month—the highest share in a decade. For these buyers, interest rates may be less influential in their purchase decisions.”

If you’ve been on the fence about selling, hopefully, this information helps. A recent survey from Realtor.com shows over 85% of potential sellers have been considering selling for over a year. And 79% of recent sellers wish they’d sold sooner.

If you want to chat more about these questions or need more information, let’s connect!