Sell now or wait? We'll break down the crazy real estate market with rising home prices, more houses on the market, and even a potential shakeup in realtor commissions.
We're getting down to what they mean for you and your next big move. As the scent of spring is in the air, we're weighing the pros and cons of planting that 'For Sale' sign now versus waiting for the dust to settle after a major real estate commission reform.
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Should you sell your house now or score some summer savings? Tune in to this week's real estate market update, but before that let's take a look at this week's housing market data. The number of people applying for mortgages is kind of flat compared to last week, but it's actually up 14% from what we saw last month. So things are holding steady, but there's a bit more interest in buying homes compared to a month ago. More folks are on the hunt for houses. Searches on Google for homes for sale are up 6% compared to last month. The average home nowadays is about $374,500. The asking price is a whopping $405,451, looking like brunch is off the menu for a while with those kind of prices. Mortgage rates are at 6.87% and that means owning a place could mean coughing up $2,721 every month.
Speaker 1:
More options to swipe right. There are 14.8% more houses on the market compared to last year. Basically, it's a tender bonanza for house hunting. Speaking of swipe, imagine swiping through houses on your Realtor app. There are way more options than last year, like 6.3% more, and houses are flying off the shelves faster than you can say. Two-day shipping On average. They're snatched up in just 40 days, which is still pretty good compared to the average of what a normal market is supposed to look like, which is 60 to 90 days, and is now the best time to sell your house or wait for the realtor settlement.
Speaker 1:
So spring has always been the go-to season, for a good reason. But this year the new wrinkle throws a wrench into these plans a major shakeup in the real estate commissions. Here's the deal. The National Association of Realtors, nar, just agreed to a settlement that could ditch the standard 6% seller commission fee. That potentially means more money in your pocket if you wait to sell until after July when the settlement kicks in. But hold up, there's more to consider. The new system might mean homebuyers pay their agent fees up front instead of, over time, adding a financial hurdle for them. Plus, the settlement isn't a short thing. Court still needs to approve it.
Speaker 1:
So what's the best thing to do now? Well, here are some things to consider. You could sell now and enjoy the spring breeze. That means one classic spring selling perks. Nice weather makes showing your houses easier and way more attractive. Plus, timing is ideal for families with kids to avoid school disruptions. No waiting game. Don't gamble on settlement. Get the process rolling now and potentially enjoy the smooth sale before summer. Or you can wait for the summer savings, which means potentially lower commission fees. The new settlement could mean more money in your pocket from the sale Negotiation power. You might have more leverage to negotiate a lower agent commission, since the system is in flux. If you're specifically testing the market, selling now might be the safer bet. Spring is still a hot time for buyers and the settlement situation is a bit uncertain. And if you're still on the fence, you can always chat with the realtor you trust they can help you weigh the pros and cons based on your specific situation and local markets. And this has been your weekly real estate market update. I'll see you guys next week. Peace.