Wondering Where You’ll Move if You Sell Your House Today?

Wondering Where You’ll Move if You Sell Your House Today?

If you put a pause on your home search because you weren’t sure where you’d go once you sold your house, it might be a good time to get back into the market. That’s because today’s market is undergoing a shift, and the supply of homes for sale is increasing as a result. That means you may have a better chance of finding a home that will meet your current needs. Here are some options to consider.

Buying an Existing Home Can Give You That Lived-in Charm

According to the National Association of Realtors (NAR), the supply of existing homes (a home that’s been previously owned) has steadily increased since the beginning of the year. The graph below indicates inventory levels are rising, and that’s largely due to more homes coming onto the market and the pace of sales slowing:

Wondering Where You’ll Move if You Sell Your House Today? | MyKCM

As the graph shows, if you’re looking for a home with lived-in charm, supply is rising, and that’s great news for you.

Danielle Hale, Chief Economist for realtor.com, gives insight into why more homeowners are listing their homes and adding to the growing supply of existing homes today:

“Home sellers in many markets across the country continue to benefit from rising home prices and fast-selling homes. That’s prompted a growing number of homeowners to sell homes this year compared to last, giving home shoppers much needed options. We’ve seen more homes come up for sale this year compared to last year . . .”

There are several benefits to buying an existing home. Many buyers want to purchase a home with history, and the character of older houses is hard to reproduce. Existing homes can often be part of an established neighborhood featuring mature landscaping that can give you additional privacy and boost your curb appeal.

Plus, timing can be a consideration as well. With an existing home, you can move in based on the timeline you agree to with the sellers, rather than building a new home and waiting for construction to finish. This is something to keep in mind, especially if you need to move sooner rather than later.

Just remember, while more sellers are listing their homes, supply is still low overall. That means you’ll have more options to choose from as you search for your next home, but you’ll still need to be prepared for a fast-moving market.

Purchasing a Newly Built or Under Construction Home Means Brand New Everything

Census data shows there’s an increasing number of new homes available for sale. It includes homes that are under construction, soon to be completed, and fully built. As the graph below highlights, the supply of new homes for sale has also grown this year:

Wondering Where You’ll Move if You Sell Your House Today? | MyKCM

When building a new home, you can create your perfect living space and customize it to your lifestyle. That could mean everything from requesting energy efficient options to specific design features. Plus, you’ll have the benefit of all new appliances, windows, roofing, and more. These can all help lower your energy costs, which can add up to significant savings over time.

The lower maintenance that comes with a newer home is another great advantage. When you have a new home, you likely won’t have as many little repairs to tackle, like leaky faucets, shutters to paint, and other odd jobs around the house. And with new construction, you’ll also have warranty options that may cover portions of your investment for the first few years.

Keep in mind, purchasing a new home could mean waiting a considerable amount of time before you can move. Robert Dietz, Chief Economist and Senior Vice President for Economics and Housing Policy at the National Association of Home Builders (NAHB), explains:

“New single-family home inventory remained elevated at a 7.7 months’ supply. . . . However, only 8.3% of new home inventory is completed and ready to occupy. The remaining have not started construction (25.9%) or are currently under construction.”

That’s an important factor when making your decision and one you should discuss with a trusted real estate advisor. They’ll help you think through all the pros and cons of both new and existing homes to help you arrive at your best decision.

Bottom Line

With the supply of homes for sale rising, you have options for your next home no matter what your preferences are. If you have questions or want help deciding what’s best for you, let’s connect and start the conversation.

Is Selling My Own Home a Good Idea?

Is Selling My Own Home a Good Idea?

We’re in the middle of a hot market. With historically low inventory and soaring prices, it might seem like a great time to sell your home yourself. My house will sell itself, right? Not exactly. Here’s why it’s best to let a professional handle the biggest transaction of your life.

1. Agents will help you avoid emotional sales

Working with an agent can help you effectively negotiate what is often the biggest transaction of your life. Sellers are likely to be emotional about the process (it’s your house after all!) Yes, selling a home is a BIG deal, so let’s try and keep a level head : )

2. Correct pricing

Overpricing is a common mistake FSBOs make. Pricing it correctly will help attract the right buyers for your home. The money you think you’re saving by not paying a commission, may end up costing you. Ironically, the National Association of Realtors estimates FSBO homes sell for as much as 11% less than those who sold with a real estate agent. In the end, FSBO sellers often end up accepting a lower price for their home than they would with an agent.

3. Effectively negotiate and show your home

It’s important to have someone on your team who understands how to fulfill contracts and negotiate on your behalf. Added to that, having the seller present for showings makes everyone a bit uncomfortable. A much better showing experience for all is when buyers have the freedom to take their time going through a house.

4. An agent will help weed out unqualified buyers

It’s more than just pricing and accepting an offer. Working with an agent will help limit the risks of selecting a buyer who is unprepared to purchase your home and will help you identify the strongest offers.

5. Are you ready to make this your full-time job?

From marketing, to the open house, showings, inspection, appraisal, paperwork, phone calls, offer deadlines, and everything in between, selling a home is a full-time job. Agents help hold it all together and make sure you meet the commitments that are essential to the final sale of your home.