Are you sitting on the fence trying to decide if now is a good time to move? We have 3 main home-selling questions in Metro Detroit answered.

3 Top Home Selling Questions

Mortgage rates are affecting today’s housing market in Metro Detroit. This might leave you wondering if it still makes sense to sell your house and move. Here are three top Home Selling Questions you may have, along with data to answer them.

Q1: Should I Wait to Sell?

Are you thinking about waiting to sell until mortgage rates come down? You’re not alone. Many people in Metro Detroit are considering the same. But first, ask yourself: Does your home meet your needs and make you happy? Does it provide a stress-free sanctuary? These personal questions are crucial. Once you’ve answered them, we can look at the financial aspects. Rates are expected to drop later this year, but waiting could mean facing more competition. According to Bright MLS,

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

This means waiting might lead to higher prices and multiple-offer situations when buying your next home.

Q2. Are Buyers Still Out There?

Despite some people holding off, many buyers are still active in Metro Detroit. The ShowingTime Showing Index, which measures how often buyers tour homes, supports this. The graph below shows buyer activity for March over the past seven years.

While demand has dipped since the ‘unicorn’ years (shown in pink) due to higher mortgage rates, rising prices, and limited inventory, comparing today’s demand to the last normal years (2018-2019) is more accurate.

Focusing on the blue bars, you’ll see 2024’s demand offers a new perspective. Nationally, demand is still high compared to the last normal years, indicating there’s still a strong market for your house.

ShowingTime Showing Trends

ShowingTime is the real estate industry’s leading showing management and market statistics technology provider for Metro Detroit. It offers tools and services to streamline property showings’ scheduling, tracking, and management. ShowingTime also benefits you by simplifing the showing process, maximizes exposure, enhances security, and provides valuable feedback and market data, all of which are crucial for a successful home sale.

Macomb and Oakland County Showingtime Median Shows to Pending

Macomb and Oakland County Showingtime Average Shows to Pending

Q3. Can I afford to Buy My Next House

Concerned about affording your next home with current rates and prices? You likely have more equity in your current home than you realize. Homeowners have gained record equity in recent years, which can significantly help when buying your next home. You might even afford to buy all-cash and avoid a mortgage. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), notes:

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.

Let’s Find Out!!

To find out how much home equity you have, request an instant home valuation report. This price-driven approach gives you a quick estimate based on current market data. However, for a more comprehensive understanding, consider a value-driven approach. This method not only looks at market trends but also considers unique features of your home and neighborhood, recent upgrades, and other factors that can influence your home’s worth. Contact me, and I can help you with a detailed value-driven assessment, ensuring you get the most accurate valuation for your property.

Compare Your House Price Range to Homes Sold in Your City

Once you have your instant home valuation report, compare it by price range to homes that have recently sold and those currently on the market. This comparison helps you understand where your home stands. You can access the multiple listing service (MLS) directly through a bridge to my account. This gives you up-to-date information on the market. Plus, I have a helpful “how-to” video so you can search like a pro and make informed decisions.

Final Thoughts

If these Home Selling Questions have been holding you back from selling your home in Metro Detroit, this information should help. A recent survey from Realtor.com shows over 85% of potential sellers have been considering selling for over a year. Many sellers are on the fence. However, 79% of recent sellers wish they’d sold sooner. If you have more questions or need more information, let’s connect.

Schedule a Consult Zoom Call

Ready to dive deeper into your home’s value and market trends? Schedule a Zoom call with me, and we’ll go over the data together. I’ll share my screen to give you a clear view of the market insights and help you make informed decisions.