Thinking about selling your house but feeling uncertain because of today’s mortgage rates? You’re not alone. Many homeowners are asking the same questions. Here are three key questions you might have – along with the data to help you make an informed decision.

1. Should I Wait To Sell?

If you’re considering waiting for mortgage rates to drop before selling, here’s what you should know: you’re not the only one. Many people are thinking the same thing. While mortgage rates are expected to decrease later this year, waiting could mean facing a lot more competition as both buyers and sellers re-enter the market. Bright MLS explains:

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

So, if you wait, you might encounter rising prices and more multiple-offer situations when you’re ready to buy your next home.

2. Are Buyers Still Out There?

Yes, buyers are still active! While some are holding off, there are plenty who are ready to make a move right now. Let’s look at the data.

The Showing Time Showing Index measures how often buyers are touring homes. The graph below shows buyer activity for March over the past seven years:

Demand has dipped since the ‘unicorn’ years (highlighted in pink) due to factors like higher mortgage rates and limited inventory. However, when you compare today’s demand with the last normal years in the market (2018-2019), you’ll see that 2024 is still strong. This means there’s a healthy market for selling your house.

3. Can I Afford To Buy My Next Home?

Worried about affording your next home with today’s rates and prices? Consider this: you likely have more equity in your current home than you realize.

Homeowners have built up significant equity over the past few years. This equity can greatly impact your ability to purchase your next home. You might even be able to buy your next home with cash, avoiding a mortgage entirely. As Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says:

“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.”

If these questions have been holding you back from selling, this information might help you feel more confident. A recent survey from Realtor.com shows that over 85% of potential sellers have been considering selling for more than a year. You’re not alone on the fence.
However, 79% of recent sellers wish they’d sold sooner. If you’re ready to talk more about these questions or need additional information, let’s connect.