There’s no denying the housing market is undergoing a shift this year, as buyer demand slows and the number of homes for sale grows. But if you’re seriously considering selling your home, that shift will provide some unique benefits when you sell.
Benefit #1: You Have More Options for Your Move
One of the biggest stories today is the growing supply of homes for sale. Housing inventory has been increasing since the start of the year, primarily because higher mortgage rates helped cool off the peak frenzy of buyer demand.
If you’re selling your house to make a move, it means you’ll have more options for your own home search. That gives you an even better chance to find a home that checks all of your boxes. So, if you’ve been putting off selling because you’re worried about being able to find somewhere to go, know your options have improved.
Benefit #2: The Number of Homes on the Market Is Still Low
It’s still a home seller’s market even though inventory is growing. While data shows the number of homes for sale has increased this year, housing supply is still firmly in sellers’ market territory. To be in a balanced market where there are enough homes available to meet the pace of buyer demand, there would need to be a six months’ supply of homes. According to the latest report from the National Association of Realtors (NAR), in July, there was only a 3.3 months’ supply. At the end of August, the Charlotte region had just 1.5 months supply of inventory.
While you’ll have more options for your own home search,inventory is still low, and that means your home will still be in demand if you price it right. That’s why the most recent data from the National Association of Realtors shows the average home sold in July still saw multiple offers and sold in as little as 14 days. In the Charlotte region, as of August 2022, homes were selling in about 19 days and home prices were still increasing.
Benefit #3: Your Equity Has Grown by Record Amounts In Recent Years
The home price appreciation the market saw over the past few years has likely given your equity (and your net worth) a considerable boost.