The housing market is a volatile, unpredictable, and sometimes scary aspect of the economy. For many years, homeowners and buyers around the country have been waiting for the "inevitable crash". Unfortunately for them, the market in the US has continued to rise and demand has outrun supply year over year for almost a decade. The ultimate question is, should I sell my home in 2024?
Supply and Demand:
Before answering the age old question "Should I sell my home?", we have to dive deeper into what makes timing "good" or "bad". The simple answer is, the economy determines whether or not selling makes sense for you at any given time. While there are plenty of outside factors, the market will determine the value of your home every time. So let's understand the current market.
Currently, here in Florida, we have over 1,000 people a week moving into the state. What does this do? This increases demand for housing exponentially every single week. As of now, Florida only has 4 months of inventory, which means there is not nearly enough housing for the amount of people migrating to FL.
When we are at a lack of inventory, this makes the market a "sellers market". This means sellers have the power here, they have what the people want/need. Because of this high demand and lack of housing inventory, buyers are willing to fight to get the home they need! This is what we have been seeing for the past 5 years, and will continue to see as long as inventory (supply) stays lower than buyer demand. THIS is why you keep seeing prices rise throughout the state of Florida. To conclude, as long as supply is low, your equity and home values will continue to rise, which will always put you in a good position to sell.
Evaluate You Situation:
Now that we understand the basics of the real estate market, we can now breakdown the deciding factors of our question, "Should I sell my home?". At the end of the day, there are a ton of factors that come into play and that you as a homeowner need to evaluate. You need to look at your wants and needs, your short term and long term goals, your finances, your family, your job, and more. All of these factors need to align with the market, meaning it needs to be a good time in the market AND a good time for you, your job, your family, and finding the home that fits those short term and/or long term wants and needs.
Most people have to focus on the financial aspect first. It is best to make sure that the market is conducive to your wants and needs. Best step here is to chat with your trusted real estate agent and see how much you can sell your home for, and how much that next home is going for in whatever market it is in. If these 2 things align, you are on your way to selling your home and changing your lifestyle for the better!!
Once you confirm this move could make financial sense, you need to get your dominos lined up. Start talking with the family about their wants and needs. Go into work the next morning and mention you might be making a move, if you work remotely, this may not play a factor at all! Make sure the other realms of your life are in line with what the next few months are going to bring so that you don't make any mistakes or have regrets from selling your home. Selling and buying is a BIG deal, it's not something that can be undone very simply so make sure this is the right move for you!
Conclusion:
The answer to your question "Should I sell my home?" can be different each time you ask it, and it will be different for everyone at every given point in time. No one can truly tell you it is the right time or not the right time except for you. While us real estate agents can help guide you and help make the best decision for you, we cannot determine the decision or out come, our job is to help you evaluate all the factors and components, and put you in the best spot to align you with whatever is in your best interest. Make sure you talk to a real estate agent or ask a friend or family member who they trust in the industry!
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