A Takeaway for you:
Affordability is impacted by three main factors; Mortgage Rates, Home Prices, and Wages.
Has your house been sitting on the market longer than expected? If so, you’re bound to be frustrated by now. Maybe you’re even thinking it’s time to pull the listing and wait to see what 2025 brings. But what you may not realize is, the decision to hold off could actually cost you. Here’s a look at why staying the course could be the smarter move.
Other Sellers Are Pulling Back. Should You Hold Off Too?
According to recent data from Altos Research, the number of withdrawals is increasing – that means more sellers are opting to pull their listings off the market right now. And this isn’t unusual for this time of the year.
In the housing market, there are seasonal ebbs and flows. Inventory levels typically start to drop off a bit headed into the fall season as some sellers delay their plans until the new year. As Mike Simonsen, Founder of Altos Research, explains:
“. . . we’re seeing a more normal seasonal pattern now with inventory beginning to decline. We’re also seeing more home sellers withdrawing their listings to try again next year. In fact, for every two sales, there is another listing withdrawn from the market.”
But is that a smart move? While it might seem like a good idea to pull your listing too, here’s why that approach may not pay off this year.
Today’s Buyers Are Serious and Ready To Act
The biggest reason to stick with your plan to sell now is that the buyers who are looking at this time of year are serious about making a purchase.
They’ve been sitting on the sidelines for a while waiting for affordability to improve. And now that mortgage rates are down from their recent peak, they’re ready to make their move. Mortgage applications are rising – and that’s a leading indicator that buyers are preparing to jump back in. And since they’ve already put their needs on the back burner for so long, they’re even more eager than buyers usually are at this time of year.
These aren’t window shoppers. They’re highly motivated buyers who want to move fast – and that’s the kind of buyer you want to work with. As Freddie Mac says:
“During the fall months, serious home buyers are eager to settle in to a new home before the holiday season ramps up and the winter weather begins.”
By keeping your home on the market, you increase the chances of attracting people who are truly ready to make a purchase.
Bottom Line
While some sellers are choosing to take their homes off the market, this really isn’t the best move. With serious buyers eager to purchase, this is a great time to sell your house. Let’s connect to make sure we’ve got a strategy in place to make it happen.