3 Commonly Asked Questions about Selling a Home this Winter (2022-23)
The news about the changing housing market may leave you wondering whether it makes sense to sell your house in the coming months. Uncertainty creates anxiety and I want to be sure to clear up as much of that uncertainty as possible. So here are the top three questions clients are asking right now along with the data to help answer them. This way you can make an informed decision.
1. Should I Wait to Sell?
Even though there are three times as many homes on the market now than there were in the spring, there is still a low overall number of homes for sale. That means – believe it or not – that it’s still a sellers’ market.
The graph below helps demonstrate where we are in terms of Buyers’ Market, Balanced (Neutral) Market, and Sellers’ Market. While this particular chart is from the US, and thus fluctuations are more dramatic, you get a sense of the overall pattern. We in Ottawa are today at the same 3.5-4 months of housing inventory as demonstrated in the graph.
And here are our Ottawa statistics about housing inventory:
So, while yes buyers have regained some negotiating opportunities, it’s still your market as a seller. If your house is properly prepared for market, it can stand out since inventory is low. This is especially true because many other sellers are holding off until after the holidays and the January deep freeze.
2. Are Buyers Still Out There?
If you’re thinking of selling your house but are hesitating because you’re worried the mortgage rates have chased away all the buyers, you are partially right, but also partially wrong. Fewer buyers are rushing into purchases, but there are still many people, the majority of whom are millennials, looking to buy homes.
And then there’s the Baby Boomer generation. I’m currently working with a number of sixty-something clients looking to change their lifestyles or, as I like to call it, right-size.
Your buyer is likely still out there, searching for a home to buy today.
3. Will I Be Able to Afford My Next Home?
Homeowners like you have gained significant equity in their homes over the past few years. That equity will be the difference-maker when it comes to being able to buy your next home – especially now that we have higher interest rates.
Ultimately, if you want to move, there is almost always a solution to help you achieve your goals. It’s just a matter of connecting with the right professionals, including a professional real estate agent and an experienced mortgage broker to ensure you have explored all the right solutions and options. Of course, I am happy to help both as your Realtor and as a resource to connect you with the right trusted advisors in your area.
Let’s connect: Liisa@LiisaVexler.com
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