Three Common Questions Home Sellers Have Right Now

As the real estate market has shifted slightly to accommodate for the realities of rising mortgage rates, many home sellers have a few questions on their minds about selling their property right now as the market seems to be tipping back in a buyer's favor.

Here are three top questions many homeowners are asking about selling their homes right now

Should I wait to sell my home until the conditions are more favorable for me?

The number of homes for sale has increased slightly as compared to a year ago but this does not mean that the amount of home inventory for sale has become balanced again. The number of homes for sale is still considered quite low all across the country as compared to more balanced markets in the past. This means we are still technically within a seller's market where a seller has more power in a home sale negotiation than the buying party.

For home inventory levels to be considered a balanced market there should be about six months' worth of inventory available as compared to the number of interested buyers. Currently, on average across the country, the numbers for September 2022 showed just 3.2 months' worth of inventory. This is an increase as compared to September 2021 when there was just a 2.4-month supply. But the supply is still relatively low.

Are there still interested buyers looking for homes right now?

As anybody who has a television or a smartphone knows the average interest rate on mortgages has increased much more than expected just since January. This has caused some buyers to hold off on purchasing a home. While the level of interested buyers is cooling down as compared to the years 2020 and 2021 sales numbers are still looking favorable. In some locations, they are moving back towards pre-pandemic levels which were still within a seller's market range. Homes were still selling at a healthy pace in 2018 and 2019.

Will I be able to afford a new home after selling the one I am currently in?

One of the biggest challenges homeowners fear that they will face when selling their home is becoming a buyer and facing the many challenges that they have heard buyers are facing currently. Especially when it comes to mortgage interest rates. The one thing to make sure you remember is that with the large increase in home value over the last couple of years a large percentage of homeowners all across the country have gained a large amount of equity in their homes in just the last two years alone.

The average equity for homeowners has reached an average of nearly $300,000 per property according to data from CoreLogic. This gives current homeowners a very good foundation for securing an affordable mortgage interest rate as well as purchasing a new home when they are able to make a sizable down payment using their equity.

For more information on selling your home in Omaha and surrounding areas please contact us anytime.