The answers to three frequently asked questions about selling this winter.

There's no denying the housing market is undergoing a shift this season that may leave some sellers with questions about whether it makes sense to list their house on the market now. To help you decide if now is the right time to make a move, here are three questions you may be asking and the data to answer them:

1. Should you wait to sell? Even though the supply of homes for sale has increased in the last few months, inventory is still very low overall. That means it's still a seller's market. The graph at 0:48 in the video above puts inventory growth into perspective. As you can see, inventory is still below what is considered a balanced or neutral market and much lower than what would be considered a buyer's market. In the Richmond metro area, the supply of homes is still under two months, which is even lower than the current national average. While buyers have regained some negotiating power as inventory has grown, you haven't yet missed your window to sell. Your home should still stand out, especially if you list now while other sellers are holding off until after the holiday season.

“Millennials are savvy buyers eager to become homeowners.”

2. Are there buyers still out there? If you're hesitating to sell because you're worried buyer demand has disappeared in the wake of higher mortgage rates, know that isn’t the case for all buyers. While rising rates have dampened some of the frenzy we saw earlier this year, there's one group of buyers who are still out there in force: millennials. They currently make up 43% of the homebuying population, according to the most recent report by the National Association of Realtors. While the millennial generation was previously called the renter generation, that may not be the case any longer. They are now a driving force in the housing market and are savvy buyers eager to become homeowners. If you're wondering if buyers are still out there, know that this largest percentage of the population is searching for a home to buy today, and your home may be exactly what they're looking for.

3. Can you afford to buy yours next time? If current market conditions have you worried about affording your next move, consider this: Homeowners have gained significant equity over the past few years, and that equity can make a big difference when talking about affordability. If you're planning on taking the money from your current home sale and putting it all into a new home, that may take away any increase in payment due to a higher mortgage rate. We partner with trusted lenders who can help you run the numbers to figure out exactly what you can afford in your next home.

The bottom line is if you're thinking about selling your home, it may be better to sell this winter versus waiting for more market changes. Contact us today for a free, no-obligation discussion about your current situation. Our team will listen to your needs and work to find an exit strategy that works best for you. Remember, it's not the market...it's the marketing that makes the difference!