July 19th 2022

You probably know we’re in a sellers’ market. Like many homeowners, you might be considering your options and trying to decide if you should sell your home. For instance, evaluating what’s happening in the market, like rising mortgage rates, plus thinking about your own changing needs.

That time may already be here. According to the latest Home Purchase Sentiment Index (HPSI) by Fannie Mae, 69% of consumers believe now is a good time to sell. What does that mean?

Looking back over the past few years, we can see optimism has trended higher, although it dropped month over month seven percentage points. 

Those surveyed think it’s an even better time to sell a home today than they did in the lead-up to the Covid  health crisis in 2020. The latest survey results show we’re still at high peaks, but that could turn down as interest rates rise and affordability decreases.

Year-to-date in Cape May County, homes are selling for an average of 99% of list price, but the market is showing signs of cooling.

For now, it’s still a good time to sell as the inventory of homes for sale is at record lows. Contact me for a comprehensive market analysis and home value estimation if you’re ready to take advantage of what still is, for now, a favorable sellers’ market.