Some homeowners hesitate to sell because they’ve got unanswered questions that hold them back. A lot of times their concerns are based on misconceptions, not facts.
Remember, over time, real-estate prices rise, proving to be your greatest investment. “You might be buying at the top of the moment, but not the top of the market,” notes Jason Abrams, Keller Williams’ Head of Industry and Education, speaking at the firm’s annual February conference. “Who doesn’t wish they bought every house in their community 10 years ago. Don’t wait to buy real estate at the right time. Buy real estate and give it time.”
Home prices in the US rise 4% annually over time.
If uncertainty keeps you from making a move, it’s time to get the real answers.
- Is it a good idea to move right now?
If you already own a home, you may be tempted to wait if you don’t want to sell and assume a higher mortgage rate on your next house. But your move may be a lot more feasible than you think – in large part because of how much your house has likely grown in value.
Do you know anyone in your neighborhood who’s sold their house recently? If so, did you hear what it sold for? With how much home values have gone up in recent years, the number may surprise you. The typical homeowner has gained $147,000 in housing wealth in the last five years alone, reports Lawrence Yun, Chief Economist at the National Association of Realtors (NAR).
That’s significant – and when you sell, that equity can give you what you need to fund your next move.
- Will I be able to find a home I like?
If this is on your mind, you likely remember just how hard it was to find a home over the past few years. But in today’s market, it isn’t as challenging. Home inventory, once scant, has increased nationally nearly 25% compared to a year ago. In the Plymouth area, home Days on Market has increased considerably. Inventory is up and continues to rise!
Although inventory is still below pre-pandemic levels, it’s grown a lot in the past year. Experts say inventory will continue to grow another 10-15% nationally this year. That means you have more options for your move – and the best chance in years to find a home you love.
- Are buyers still buying?
If you’re worried no one is buying with rates mortgage rates and prices where they are now, here’s some perspective that can help. While there weren’t as many home sales last year as there’d be in a “normal” market, roughly 4.24 million homes still sold (not including new construction) nationally. And that number is expected to rise in 2025.
Let this reassure you – the market isn’t at a standstill. “Every day, thousands of people buy, and they’re looking for homes like yours,” notes Keeping Current Matters.