Mortgage rates are undoubtedly influencing today’s housing market, and you might be questioning whether it’s the right time to sell your house and make a move. At Karie Carico Real Estate, we’re here to address your concerns and provide clarity. Here are three of the top questions you may be asking – and the data that helps answer them.

1. Should I Wait To Sell?

If you’re considering waiting to sell until mortgage rates come down, here’s an important insight: many others are thinking the same thing. While rates are forecasted to decrease later this year, waiting could mean facing increased competition as more buyers and sellers re-enter the market. As Bright MLS states:

“Even a modest drop in rates will bring both more buyers and more sellers into the market.”

This means if you wait, you might encounter faster-rising prices and more multiple-offer situations when you’re ready to buy your next home.

2. Are Buyers Still Out There?

Despite some people holding off, there are still plenty of active buyers today. The ShowingTime Showing Index, which measures how frequently buyers are touring homes, provides valuable data. Here’s a look at buyer activity for March over the past seven years:

Demand has dipped slightly since the ‘unicorn’ years, influenced by higher mortgage rates, rising prices, and limited inventory. However, to truly understand today’s demand, compare it to the last normal years in the market (2018-2019), not the abnormal ‘unicorn’ years.

When you focus on the blue bars, you can see how 2024 stacks up. Nationally, demand remains high compared to the last normal years in the housing market (2018-2019). This indicates there’s still a market for your house to sell.

3. Can I Afford To Buy My Next Home?

Concerned about affording your next home with today’s rates and prices? Consider this: you likely have more equity in your current home than you realize. Homeowners have gained record amounts of equity over the past few years, which can significantly impact your next purchase. You might even have enough equity to be an all-cash buyer, avoiding the need for a mortgage altogether. As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:

“. . . those who have earned housing equity through home price appreciation are the current winners in today's housing market. One-third of recent home buyers did not finance their home purchase last month—the highest share in a decade. For these buyers, interest rates may be less influential in their purchase decisions.”

Bottom Line

If these questions have been holding you back from selling, we hope this information provides clarity. A recent survey from Realtor.com reveals that over 85% of potential sellers have been considering selling for more than a year. There are many sellers like you who are on the fence.

However, the same survey also found that 79% of recent sellers wish they’d sold sooner. Don’t let hesitation keep you from making a move. At Karie Carico Real Estate, we’re here to help you navigate the market with confidence and achieve your real estate goals. Contact us today to get started!