The warmest season of the year, in the northern hemisphere from June to August and in the southern hemisphere from December to February.
For many, summer is a time to recharge from a busy school year. For others, their sun-soaked days are filled with events, activities, possibly even travel. And, according to a Realtor.com report, for about 64% of US homeowners, they may be preparing to list their properties by the end of August.
If you fall in that third category of planning, or even considering, selling this summer, here are three key things to consider:
1) Inventory, Despite Slight Increases, Remains Low
While realtor.com reports that more homes have come to the market since the start of 2022, inventory levels are still firmly in the hands of sellers. This means that there continues to be a lack of supply that satisfies the amount of demand in buyers. Iowa Association of Realtors reported a 1.5 month inventory supply for May, 28 percent lower than in May 2021 with only 6,519 homes on the market statewide. To eagerly searching buyers, this means your home could be a, or possibly the sole, solution.
2) Your Equity Opens Doors for You
Odeta Kushi, Deputy Chief Economist at First American, reports:
“…homeowners in Q4 2021 had an average of $307,000 in equity – a historic high.”
Iowans specifically saw a 15-30% equity increase from 2020-2021. That much equity can provide incredible leverage for your next move, despite rising costs and rates, covering a large portion (if not all) of the down payment of your next home.
3) Rising Rates & Prices Affect Affordability