Should I Sell My House This Year?
Let's talk about today’s housing market, buyer demand, inventory, and whether or not it’s a good time to sell.
First, let’s chat about inventory. The housing market is changing this season. Buyer demand is slowing and the number of homes for sale growing. Here in the Daytona Beach MLS, we have twice as many homes on the market as we did just six months ago. More inventory means that homes will have more time on the market & less competition from other sellers.
We expect to see inventory in the Daytona Beach area continue rising steadily. That's because higher mortgage rates are helping to cool off the peak frenzy of buyer demand. What you may not realize is that this could actually benefit you as a seller. If you're selling your house to make a move, it means that there are more options available for you while looking for your new home. This gives even better chances of finding the perfect place! So if you have put off buying because you were worried about being able to find somewhere new, now is an excellent time.
But as a seller, now may be a good time to put your home on the market because it is still very much in a sellers' market. Yes, the number of homes for sale has increased since last year, but to be in a balanced market, there need to be enough homes to meet buyer demand, and that number should be about a 6 month supply of homes. According to the National Association of Realtors, in July, we were at a 3.3 months’ supply nationally, whereas here in Daytona Beach, we’re closer to 1.5 months’ supply.
And the final reason you may consider selling this year? Your equity has grown by record amounts! Chief Economist at realtor.com, explains “Homeowners trying to decide if now is the time to list their home for sale are still in a good position in many markets across the country as a decade of rising home prices gives them a substantial equity cushion . . .”
This may be the perfect time to make a move with the balance of high equity for you on the seller side and more inventory becoming available on the buyer side. Reach out and let us know if you’d like to chat about your specific situation to formulate the best plan.