{"id":8767,"date":"2022-09-15T09:00:35","date_gmt":"2022-09-15T13:00:35","guid":{"rendered":"https:\/\/www.realtyhop.com\/blog\/?p=8767"},"modified":"2022-09-15T09:00:35","modified_gmt":"2022-09-15T13:00:35","slug":"should-i-sell-my-home-now","status":"publish","type":"post","link":"https:\/\/www.realtyhop.com\/blog\/should-i-sell-my-home-now\/","title":{"rendered":"Should I Sell My Home Now?\u00a0"},"content":{"rendered":"

Homeowners who want to sell their homes are likely asking themselves, \u201cshould I sell my house now or wait until 2023\u201d? This is a great question, but unfortunately, there is no simple answer. It depends on the individual situation and goals of the seller, along with the specific city or market the home is in.\u00a0<\/span><\/p>\n

By now, most people know that home prices exploded after the onset of the Covid pandemic. Between April 2020 and June 2022, home prices appreciated from an average of <\/span>$217,000 to $308,000<\/span><\/a>, a whopping 40% increase in a little over two years. During this period, sellers were able to easily cash in, as home prices skyrocketed and the time an average listing sat on the market dipped.<\/span><\/p>\n

The housing market is still a seller\u2019s market. However, there are a couple of indicators to suggest that the market is slowing down and tilting conditions more in the direction of the buyer, suggesting a less favorable market for sellers than in 2020 and 2021.\u00a0<\/span><\/p>\n

The Number of Home Sales Continues to Decline<\/span><\/h2>\n

Pending home sales, which covers transactions that are not yet finalized, <\/span>fell 20% annually <\/span><\/a>between June 2021 and June 2022, according to The National Association of Realtors (NAR). Lawrence Yun, Chief Economist at NAR, explained that pending transactions will likely stay at this decreased rate for the foreseeable future.\u00a0<\/span><\/p>\n

\u201cContract signings to buy a home will keep tumbling down as long as mortgage rates keep climbing, as has happened this year to date,\u201d explained Yun. \u201cThere are indications that mortgage rates may be topping or very close to a cyclical high in July. If so, pending contracts should also begin to stabilize.\u201d<\/span><\/p>\n

This is an important trend to keep an eye on because it indicates declining demand for buying a home. This isn\u2019t completely true \u2014 demand for homeownership is actually very high, but the ability to purchase a home is lower than it\u2019s been in recent memory. As a result, there are fewer buyers actively purchasing homes compared to previous years.\u00a0<\/span><\/p>\n

NAR reported that the average American home was around 80% more expensive in June 2022 than in June 2019, due to rising home prices and high mortgage interest rates. Fannie Mae predicts that home sales in 2022 will come in at <\/span>16.2%<\/span><\/a> lower than in 2021. The fact that purchasing a home is out of reach for an increasing number of Americans means that sellers will have fewer buyers competing for their property now than during most of 2020 and 2021.\u00a0<\/span><\/p>\n

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