Thinking about selling your house? Ask yourself these key questions. In our area, Chicago, some homeowners hesitate to sell because they have unanswered questions that hold them back. However, their concerns are often based on misconceptions, not facts. If they talked to an agent about it, they would see that these doubts aren’t necessarily a hurdle.

If uncertainty keeps you from moving, it’s time to get accurate answers. The ones you deserve. And to take the pressure off, you don’t have to ask the questions because here’s the data that answers them.

1. Is It Even a Good Idea To Move Right Now?

If you own a home already, you may be tempted to wait because you don’t want to sell and take on a higher mortgage rate on your next house. But your move may be a lot more feasible than you think, and that’s because of how much your house has likely grown in value.

Think about it. Do you know anyone in your neighborhood who’s sold their house recently? If so, did you hear what it sold for? The number may surprise you with how much home values have increased in recent years.

According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), the typical homeowner has gained $147,000 in housing wealth in the last five years alone.

That’s significant – and when you sell, that can give you what you need to fund your next move.

2. Will I Be Able To Find a Home I Like?

If this is on your mind, it’s probably because you remember how hard it was to find a home over the past few years. But in today’s market, it isn’t as challenging.

Data from Realtor.com shows how much inventory has increased – it’s up nearly 25% compared to last year (see graph).

Even though inventory is below normal pre-pandemic levels, it’s improved significantly in the past year. And the best part is, experts say it’ll grow another 10 to 15% this year. That means you have more options for your move – and the best chance in years to find a home you love.

3. Are Buyers Still Buying?

And last, if you’re worried no one’s buying with rates and prices where they are right now, here’s some perspective that can help. At the same time, there weren’t as many home sales last year as there’d be in a regular market; roughly 4.24 million homes still sold (not including new construction), according to the National Association of Realtors (NAR).

The expectation is that the number will rise in 2025. But even if we only match the number of homes sold last year, here’s what that looks like.

4.24 million homes ÷ 365 days in a year = 11,616 homes sell each day
11,616 homes ÷ 24 hours in a day = 484 homes sell per hour
484 homes ÷ 60 minutes = 8 homes sell every minute

Think about that. Eight homes sold just in the time it took you to read this. Let this reassure you – the market isn’t at a standstill. Every day, thousands of people buy, looking for homes like yours.

Expert Insights On Selling Your House

When you’re ready to discuss what’s on your mind, a real estate professional can provide the answers you need. In the meantime, tell your agents what’s holding you back from making your move.

Still have doubts or more questions? Schedule a free chat with Tammy Jackson!

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