Homeowners: To sell or not to sell?

Published: Jun. 17, 2022 at 10:46 PM EDT
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To sell or not to sell? That's the question so many homeowners like Lori Poss are facing.

"You're always getting papers in the mail. They're always (asking), 'Hey, are you interested in selling? Make some money on your property?'" said Poss.

The longtime West Boynton Beach resident has seen her home double in value.

"Right now, they're cash offers. So, $1.2 million is the cash offer," said Poss. "I just can't believe a house the size of mine — a one-story home — is worth so much money."

While the offers are tempting, Poss said she's not interested in selling due to her job and the school district for her children.

For owners looking to cash in on soaring home values, experts said the time to act may be right now.

"If you're moving out of the area or downsizing significantly, now is the time to sell," said Ken H. Johnson, a real estate economist who said now is the peak of what's been a red-hot housing market.

"If you really want to sell at the peak, now would be the time is hard to say," said Johnson. "The last change overtook one to three months, depending on where you were."

But what's weighing on so many minds is the hike in interest rates and the prospect of finding a new home if they sell now.

"With the demand that we have here with the inventory shortage, I think you'll either see prices slow dramatically," said Johnson. "In other words, maybe they won't decline. But the rate of increase year over year will go back to 2, 3%."

Johnson also said a slowdown in purchases is also a factor for would-be buyers looking to finance their next home.

"I mean, it's crazy," said Poss. "I'm imagining most people who are just looking for a home or getting married really struggling."

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