Questions You May Have About Selling Your House

Selling your house can be a big decision, especially with the changing housing market in Naperville and the Chicago suburbs. With mortgage rates fluctuating, you might be wondering if now is the right time to sell your home. In this article, we'll answer three key questions that homeowners often have about selling their house.

Should I Wait To Sell?

If you’re considering waiting to sell your home until mortgage rates come down, you're not alone. Many people are thinking the same thing. But here's what you need to know: waiting might mean more competition.

While it's true that mortgage rates are expected to decrease later this year, this drop will likely encourage more buyers and sellers to enter the market. According to Bright MLS:

“Even a modest drop in rates will bring both more buyers and more sellers into the market.”

This increase in competition could lead to rising prices and multiple-offer scenarios, making it harder for you to secure your next home. So, while waiting might seem like a good idea, it could also mean facing more challenges when you decide to sell and buy again.

Are Buyers Still Out There?

Even with some people holding off due to higher mortgage rates, there are still plenty of active buyers in the market today. One way to measure buyer activity is through the ShowingTime Showing Index, which tracks how often buyers are touring homes.

Although buyer demand has dipped from the 'unicorn' years (when the market was exceptionally hot), it’s important to compare today's activity to the last normal years (2018-2019). Here's what the data shows:

• Demand is still high compared to 2018-2019.
• This indicates that there’s still a strong market for selling your house.

So, if you’re worried that there aren’t enough buyers out there, rest assured that many people are still looking for homes in Naperville and the Chicago suburbs.

Can I Afford To Buy My Next Home?

Affording your next home might be a concern, especially with today’s rates and prices. However, you might have more equity in your current home than you realize. Homeowners have gained record amounts of equity in recent years, which can significantly impact your ability to buy your next home.

This equity could allow you to:

• Make a larger down payment.
• Reduce the size of your mortgage.
• Potentially become an all-cash buyer, avoiding the need for a mortgage altogether.

Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), highlights this point:

“ . . . those who have earned housing equity through home price appreciation are the current winners in today's housing market. One-third of recent home buyers did not finance their home purchase last month—the highest share in a decade. For these buyers, interest rates may be less influential in their purchase decisions.”

This means that if you have significant equity, you might be in a strong position to buy your next home, regardless of current mortgage rates.

Bottom Line

If these three questions have been on your mind and have been holding you back from selling, hopefully, this information helps. A recent survey from Realtor.com shows that more than 85% of potential sellers have been considering selling for over a year. That means many homeowners, like you, are on the fence.

However, the same survey also found that 79% of recent sellers wish they’d sold sooner. This suggests that the benefits of selling now might outweigh the potential downsides of waiting.

If you want to discuss any of these questions further or need more information, let’s connect. Selling your home in Naperville or the Chicago suburbs could be a great move, and with the right information, you can make the best decision for your situation.

Call us today at (630) 276-7575 and we’ll make sure that your home-selling experience this 2024 is a smooth and rewarding one.

Learn about our Home Selling Services, CLICK HERE

Get a free copy of our Home Selling Guide with all the information, tips, and tools you will need to successfully sell your home in Chicago’s Western Suburbs.