Don’t Let These Two Concerns Stop You from Selling Your Home
If you’ve been holding off on selling your house, you might have a few concerns weighing on your mind. Maybe you’re wondering if it’s financially smart to move right now or worried you won’t find a home you love in today’s market. These are valid questions, but they shouldn’t keep you from making a confident decision.
Here’s how to address these two common concerns and move forward with clarity.
Concern #1: Is It a Good Idea To Move Right Now?
One major hesitation for many homeowners is the fear of taking on a higher mortgage rate if they sell. But if you’ve been in your home for a while, you may have an advantage that makes moving more feasible than you think: your home equity.
What Is Home Equity?
Home equity is the difference between your home’s current market value and what you still owe on your mortgage. Thanks to the significant home price appreciation over the past few years, many homeowners have seen their equity grow substantially.
As Dr. Selma Hepp, Chief Economist at CoreLogic, explains:
“Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity and almost $129,000 more than at the onset of the pandemic.”
How Can Equity Help?
Your equity can be a game-changer when buying your next home. Here’s why:
Larger Down Payment: You can use your equity to make a larger down payment, which reduces the amount you need to finance at today’s rates.
Mortgage-Free Options: In some cases, your equity may allow you to purchase your next home outright, eliminating the need for a mortgage altogether.
Bottom line? Your equity could unlock the door to your next home, even in today’s market.
Concern #2: Will I Be Able To Find a Home I Like?
Another worry many sellers face is whether they’ll be able to find a home that fits their needs. If you’ve heard stories about low housing inventory over the past few years, you might think finding a home will be difficult.
But the good news is that inventory levels have been steadily improving. According to Realtor.com, the number of homes for sale is up nearly 30% year-over-year.
While inventory hasn’t returned to pre-pandemic levels, this is the highest it’s been in years, which means:
More Choices: You’re more likely to find a home that meets your needs.
Less Competition: Increased inventory means you’re less likely to face bidding wars, making the process less stressful.
It’s worth noting that inventory levels vary by location. That’s why partnering with a knowledgeable local real estate agent is key. They can help you navigate your market and find the best options for your next home.
Bottom Line
Don’t let concerns about today’s market hold you back from selling your home. With rising equity and improving inventory, you may be in a better position to move than you realize. Let’s connect today to discuss your goals and explore your options so you can make a confident decision.
