Are you still debating about whether to sell your house or not? Facts about the housing market and various real estate statistics can help you understand why now is an excellent time to sell your property. Let's take a look.
- Increased Home Sales
- Housing Supply Constraints
- Job Security
- Mortgage Rates
Home sales were favorable as 2022 roared to life. The median price of homes has continued to rise in 2022, allowing you to get top dollar for the sale of your home.
In January 2022, the national median existing-home price rose to $350,300, up 15.4% from one year ago (NAR). In February 2022, the median existing-home sales price rose to $357,300, up 15% from one year ago (NAR). In just 2 months, the profit from selling a house rose $7,000! That's quite a leap in potential profit! It will be interesting to see the price increases after March sales numbers are released (April 20th).
"We expect to see a 31% increase in home sales in March with 543K and an additional 4% increase in April with 567K homes sold across the U.S." MoxiWorks, Home Sales Predictor
Increased Home Sales
MoxiWorks Home Sales Predictor forecasts a 31% increase in home sales in March and an additional 4% on top of that in April. These predictions are good indicators of a strong home seller market and a high return on the sale of your home.
Housing Supply Constraints
According to Realtor.com, housing supply constraints continue with active listings down 21.9% year over year, according to Realtor.com. New home construction is struggling due to a lack of workers and increased cost of supplies. Selling your house right now can fill these gaps in the housing market.
According to a recent Fannie Mae Home Purchase Sentiment Index report, there has been a substantial improvement in the sense of job security. A high level of job security satisfaction is in your favor because it leaves individuals feeling more financially secure and more likely to make a home purchase in 2022.
Mortgage rates are still historically low, despite recent increases. Before rates climb much higher, selling your home now satisfies buyers hoping to purchase sooner rather than later. With mortgage rates expected to increase in the upcoming months, now is the time to talk to your real estate agent about selling your home.
As you can see, there are many compelling reasons to sell your house right now. Because the median price of homes has continued to rise in 2022, you can get top dollar from the sale of your home. Since buyer demand is high, you can probably skip the open house (phew!) and sell your house fast. What are you waiting for? Before selling your house, contact your real estate today, find out what your home is worth, and list it while the housing market is in your favor.
Have you been reluctant to list your home for sale? Let us know why in the comments below.