Know Someone Whose Home Isn’t Selling? Here’s What They Should Know

If you know someone whose home isn’t selling, they’re not alone. Many homeowners are questioning if now is the right time to move, with concerns about mortgage rates and whether they’ll find a home they love. Here’s how they can address these concerns.

Is It a Good Time to Sell?

For many homeowners, hesitation to sell comes from rising mortgage rates. However, if they’ve built up equity in their home, now could be the perfect time to move.

Equity is the difference between the market value of their home and what they owe on the mortgage. Thanks to recent home price growth, many homeowners have seen a significant boost in their equity. As Dr. Selma Hepp, Chief Economist at CoreLogic, explains:

“Persistent home price growth has continued to fuel home equity gains for existing homeowners, now averaging about $315,000 in equity—almost $129,000 more than at the start of the pandemic.”

That equity can be a game-changer. It can be used for a larger down payment, helping them borrow less at today’s rates—or even allow them to buy their next home in cash!

Can They Find a Home They’ll Love?

Inventory is up nearly 30% year-over-year, which means more options are available. While inventory is still below pre-pandemic levels, this is the highest it’s been in years. With more options, now’s the time for them to explore their possibilities—but working with a local expert will help them navigate the available choices in their area.

Bottom Line

If you know someone wondering if now’s the right time to sell, it’s worth encouraging them to reevaluate. Rising equity and more inventory could make this the perfect moment for them to move.

Let’s connect so they can explore their options!