Republished with permission from Corefact
You probably know we’re in a sellers’ market. Like many homeowners, you might be considering your options and trying to decide if you should sell your home. For instance, evaluating what’s happening in the market, like rising mortgage rates, plus thinking about your own changing needs.
That time may already be here. According to the latest Home Purchase Sentiment Index (HPSI) by Fannie Mae, 69% of consumers believe now is a good time to sell. What does that mean?
Looking back over the past few years, you can see optimism has trended higher, although it dropped month over month seven percentage points. For example, the graph below shows the percentage of survey respondents who say it’s a good time to sell a house and their positive outlook. Conversely, the crater in April 2020 indicates how consumer sentiment about selling dropped at the beginning of the pandemic.
Those surveyed think it’s an even better time to sell a home today than they did in the lead-up to the health crisis. The latest survey results show we’re still at high peaks, but that could turn down as interest rates rise and affordability decreases.
For now, it’s still a good time to sell as the inventory of homes for sale is at record lows. Contact us for a FREE comprehensive market analysis and home value estimation if you’re ready to take advantage of what still is a favorable sellers’ market.