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Should I Sell My House Now or Wait?
Mia Taylor
If you’re considering selling your home, it’s critical to understand the current real estate market dynamics. The volatility that dominated the market in recent years amid pandemic-related pressures is starting to ease, but that doesn’t mean there aren’t still challenges.
For one thing, mortgage interest rates are ticking upward again after a brief decline and are once again hovering near the 7 percent mark (as of late February). That reality is making mortgage payments increasingly expensive and driving more than a few potential buyers to the sidelines — certainly not ideal if you’re on the selling side of the equation. At the same time, asking prices in February saw their most modest increase since the pandemic began at just 1.2 percent year-over-year.
But the popular adage that all real estate is local continues to hold true, meaning there are plenty of places around the country where buyer demand and prices both remain strong. So is 2023 a good time to sell your home? Here are some key insights to help you sort through that question.
Is now the right time to sell my house?
If popular opinion is any guide, 2023 may still be a good time to sell your home despite the evolving market dynamics. According to Fannie Mae’s January 2023 Home Purchase Sentiment Index, the share of respondents who feel it is a good time to sell increased from 51 percent to 59 percent.
“Right now is definitely a good time to sell,” says a Realtor. “Depending on where you live, housing demand most likely jumped in the last 30 days. In my market, demand has recently gone up 28 percent. And housing inventory is still historically low — about half as many homes are on the market now as compared to pre-COVID times.”
Of course, deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and personal, before putting your home on the market.
Your local market dynamics play a large part in whether it’s a good or bad time to sell. In some areas, selling now is the right thing to do because prices are still climbing — or, at least, are not yet falling.
When is a good time to sell a house?
Historically, spring and summer are usually the best times of year to sell a house. But beyond seasonality, there are many factors that might make selling your home a wise decision. Often the reasons are based on financial calculations, cost of living expenses and other considerations, but there may also be other factors that make selling your home the right choice. These include:
- If rates are low – Low interest rates entice more prospective buyers to enter the market, which is advantageous for sellers. An increased number of buyers shopping for homes often leads to bidding wars and drives up home prices, meaning you can likely sell your home for a solid profit.
- If supply is short – A shortage of housing inventory also drives up demand and prices for available homes. What’s more, when housing supply is low, homes on the market tend to sell much faster.
- If you’re ready to downsize – Downsizing may be a more budget-friendly choice than maintaining a larger, costlier home. For older homeowners, downsizing may even be a necessity.
- If you need to relocate – If you’re relocating to a new state for a job or want to enjoy your retirement in a new area, and you need the profits from the sale to put toward your next place, selling may be unavoidable.
Tips to sell your home
If you’ve considered the pros and cons and decided to put your home on the market, here are some steps you can take to get the best deal possible.
- Find a good agent: The advice and guidance provided by a professional real estate agent can be invaluable, particularly amid a hot or unpredictable housing market.
- Make repairs if needed: To help land the best offer for your home, make necessary repairs.
- Declutter the interior: You should also make an effort to tidy and declutter your home, allowing prospective buyers to see the living spaces clearly.
- Add curb appeal outside: Your home’s exterior is another part of making a good first impression, and it’s worth freshening up the curb appeal before buyers see it. That can include improving or upgrading landscaping and walkways, or even be something as simple as a fresh coat of paint on the front door.
- Invest in home staging: Staging a home for sale, particularly if it’s vacant, can help prospective buyers visualize how rooms can be used and present a more inviting and polished image.
Bottom line
Deciding to sell your home, whether now or later, is a major decision that requires careful consideration. Your future plans and goals should be a significant part of the equation, as well as your financial needs and the realities of the current market. If you decide to proceed with listing your home, working with an experienced Realtor is a smart move. A real estate agent who knows your community well can help you price a home effectively, which will increase the chances of a quick and smooth sale. Give me a call at 678-744-8070 and let’s discuss your options. 🙋♀️
