Is now a good time to sell a home? It might be tempting to delay, but real estate experts say now is a good time to sell. According to the National Association of Realtors (NAR), the national median price for existing homes sold in August was $389,500, up 7.7 percent from the same month in 2021. This is the longest streak of year-over-year growth ever recorded, spanning 126 months.
What does this mean? It means we’re still in a sellers market. According to Redfin, in September 2022, Huntsville home prices were up 16.2 percent compared to last year, selling for a median price of $325,000. On average, homes in Huntsville sell after 32 days on the market compared to 30 days in 2021. There were 380 homes sold in September this year, down from 510 last year.
Huntsville’s housing market is not crashing, it’s correcting. What does that mean for consumers? For buyers, that means a correction could restore balance and provide a needed opening for buyers who have been priced out of the market. For sellers, it means housing prices are projected to continue an upper trend through 2023, but at a slower pace. According to NAR, more than 3 million millennials have been priced out of buying a home since January, with the average monthly price of paying off a home in the U.S. rising by nearly $270.
But, what about those rising mortgage rates? Mortgage rates remained below 7 percent the week of October 18, 2022, despite the jump in the 10-year Treasury yield. According to Freddie Mac, the 30-year fixed mortgage rate rose to 6.94 percent from 6.92 percent the previous week. However, rates are near the 7 percent benchmark that could be considered the new normal for mortgage rates.
Do you need to sell your house quickly? One of the most innovative real estate programs in the Huntsville area is our Guaranteed Sale program. This program provides home sellers with the ability to sell their home for the most money possible, while delivering absolute assurance for when the home will sell. We are so sure of your satisfaction, that we offer an industry leading “Easy Out” listing agreement.
In a correcting market like ours, it is best to work with a real estate professional to look at comparable sales in your area and find the Goldilocks price — one that isn’t too high or too low, but just right. Realtors with Amanda Howard Sotheby’s International Realty have access to market data that will make the process much easier.
For a no-obligation consultation in the comfort of your home, reach out to us today.