There's no denying that mortgage rates are having a significant impact on today’s housing market, which may leave you wondering if it still makes sense to sell your house and make a move. 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 something to keep in mind so are many others. While mortgage rates are forecasted to drop later this year, waiting could mean facing more competition as buyers and sellers flood back into the market. According to Bright MLS: “Even a modest drop in rates will bring both more buyers and more sellers into the market.”
This could lead to faster-rising prices and more multiple-offer scenarios when you buy your next home. Arizona's housing market, particularly in high-demand areas like Phoenix and Scottsdale, could experience a surge in activity, making it a strategic move to list your property before the market becomes even more competitive.
2. Are Buyers Still Out There?
Yes, buyers are still out there! While some are holding off, many are actively looking for homes. The Showing Time Showing Index, which measures how frequently buyers are touring homes, provides the latest data for March over the past seven years.
Nationally, buyer demand remains high compared to those normal years, meaning there’s still a strong market for your house. In Arizona, cities like Tucson and Flagstaff continue to see a steady flow of buyers, including those relocating from higher-cost states seeking more affordable housing options and a desirable climate.
3. Can I Afford to Buy My Next Home?
You may have more equity in your current home than you realize, which can significantly impact your next purchase. Homeowners have gained record amounts of equity over the past few years. This equity can make a big difference, potentially allowing you to buy your next home with all cash and avoid a mortgage.
In Arizona, where home values have seen substantial appreciation, leveraging your home equity can be a powerful tool. Whether you're looking to downsize, upgrade, or move to a different city within the state, understanding your home's worth is crucial in making an informed decision.
Take Action Now
If these questions have been holding you back from selling, this information may provide the clarity you need. A recent Realtor.com survey found more than 85% of potential sellers have been considering selling for over a year. Yet, 79% of recent sellers wish they’d sold sooner.
The Arizona housing market is dynamic, with unique opportunities for both buyers and sellers. If you want to discuss these questions further or need more information, send me a message! Comment the word “value” and I will send you a link to help you determine what your home is worth.
Ready to take the next step? Call me +1 480-298-5551 to schedule a free consultation.
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