Ask a realtor: Can I still sell?

a clip art image of a woman holding aa for sale sign by a yellow house

Maureen and Antoinette,

My wife and I are expecting our second child (yikes!) and want to trade our condo for a home with a yard plus my parents are finally ready to downsize into a more manageable sized property. Did we all miss our opportunity to sell earlier in the year when the market was on fire, or is now still a good time?

Gracias,

Jon T.

Hi John,

There’s no denying the housing market is undergoing a shift this season, and that may leave you with some questions about whether it still makes sense to sell your home. Here are three of the top questions you may be asking so you can make a confident decision for yourself and your family.

1. Should I wait to sell? Even though the supply of homes for sale has increased in 2022, inventory is still low overall. That means it’s still a sellers’ market. While buyers have regained some negotiation power as inventory has grown, you haven’t missed your window to sell. Your house could still stand out since inventory is low, especially if you list now while other sellers hold off until after the holiday rush and the start of the new year.

2. Are buyers still out there? If you’re thinking of selling your house but are hesitant because you’re worried buyer demand has disappeared in the face of higher mortgage rates, know that isn’t the case for everyone. While demand has eased this year, millennials are still looking for homes. At about 80 million strong, millennials currently make up the largest share of homebuyers (43%) in the U.S., according to a recent National Association of Realtors (NAR) report. Simply due to their numbers and eagerness to become homeowners, this cohort is quite literally shaping the next frontier of the homebuying process. Once known as the ‘rent generation,’ millennials have proven to be savvy buyers who are quite nimble in their quest to own real estate. It isn’t a stretch to say they are the key to the overall health and stability of the current housing industry. Millennials, the largest generation in America, are actually a significant driving force for buyer demand in the housing market today. If you’re wondering if buyers are still out there, know that there are still people who are searching for a home to buy today and your house may be exactly what they’re looking for.

3. Can I afford to buy my next home? If current market conditions have you worried about how you’ll afford your next move, consider this: you may have more equity in your current home than you realize. Homeowners have gained significant equity over the past few years, and that equity can make a big difference in the affordability equation, especially with mortgage rates higher now than they were last year. For some of those equity-rich homeowners, that means moving and taking on a higher mortgage rate isn’t a huge deal—especially if they are moving to a more affordable city. And San Diego IS more affordable than several cities whose “work from anywhere” workforce allows them to move to America’s Finest City.