If you are a homeowner thinking about selling your house, you are probably looking for the best time to make your move. That means you are likely balancing a number of factors, like your changing needs, where you will go when you sell, and today’s mortgage rates in order to time it just right.
According to recent data, that sweet spot could already be here. The latest Home Purchase Sentiment Index (HPSI) by Fannie Mae finds that 76% of consumers believe now is a good time to sell.
The graph below shows the percentage of survey respondents who say it is a good time to sell a house. The big dip in March and April of 2020 reflects how consumer sentiment dropped at the beginning of the pandemic as uncertainty about the health crisis grew. Since then, the percentage has grown consistently as more people feel confident it’s a good time to sell.
In fact, survey respondents think it is an even better time to sell a house today than they did in 2019, which was a strong year for the housing market. The latest survey results indicate one of the strongest peaks in seller sentiment in nearly three years (see graph below):
What Makes Today a Good Time To Sell?
One reason so many people think it is a good time to sell is because there are still more buyers in today’s market than there are homes for sale. That is driving home prices up, making it a good time to sell your house.
And if you are on the fence about whether or not to sell because you don’t know where you will go once you do, know that you might have more options today than in previous months. That is because the number of homes coming onto the market has grown each month since the start of the year. When more homes come onto the market, it gives you more opportunities to find one that meets your changing needs.
While the number of homes available for sale is growing and giving you more options for your move, inventory is still low overall. That could mean it is a great time for you to sell. If you are ready to address your changing needs and take advantage of today’s favorable conditions, let’s connect.