Navigating the Winter 2023 Housing Market: Answers to Your Top Home Selling Questions

 

As the calendar flips from 2023, you might be wondering whether selling your home during the winter season is a good idea, given the ever-evolving real estate landscape. Rest assured, you're not alone in your uncertainty. In this blog post, we address three of the most pressing questions you may have about selling your home in the current market and provide you with the latest insights to help you make an informed decision.

1. Should I Wait to Sell?

With the new year upon us, you might be pondering whether it's wise to wait for a more favorable market. The good news is that even though the supply of homes for sale has increased, it's still predominantly a sellers' market. Data from the National Association of Realtors (NAR) highlights the ongoing inventory shortage, making it clear that we're not yet in a buyers' market.

While buyers now have slightly more room for negotiation, the timing is still favorable for sellers. Listing your home during the winter can make it stand out, especially as some sellers delay until after the holiday season and the start of the new year.

2. Are Buyers Still in the Market?

Concerns about higher mortgage rates might have you questioning whether there are still eager buyers out there. The truth is that demand remains, especially among millennials. According to Forbes, millennials now make up the largest share of homebuyers in the U.S., comprising 43% of the market. They are shaping the future of the homebuying process and are no longer the "rent generation."

As Forbes explains, "I don't think it's a stretch to say they are the key to the overall health and stability of the current housing industry." So, if you're wondering whether there are still buyers in the market, rest assured that millennials are actively searching for homes, and your property could be exactly what they're looking for.

3. Can I Afford to Buy My Next Home?

Market conditions may have you concerned about the affordability of your next move, particularly with higher mortgage rates. However, it's essential to consider the equity you've built in your current home. Homeowners have seen substantial equity gains in recent years, which can significantly impact your ability to afford your next home.

Mark Fleming, Chief Economist at First American, points out that many homeowners have historically high levels of home equity. For those with ample equity, moving and taking on a slightly higher mortgage rate may not be a significant obstacle, especially if they are relocating to a more affordable city.

In Conclusion

If you're contemplating selling your home this winter, it's essential to stay informed about the current market conditions. Connecting with a real estate expert can provide you with the insights and guidance you need to make the best decision for your unique situation. Rest assured, the 2023 housing market still offers opportunities for sellers, and with the right approach, you can navigate it successfully.

If you are ready to buy or sell a property, call Vanna Siackhasone at (907) 720-4663.