Is It Better To Sell My House Now or Should I Wait?

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 March 2023 Home Purchase Sentiment Index, more than half of respondents still feel it is a good time to sell.

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.

WHEN IS A GOOD TIME TO SELL?

Historically, spring and summer are usually the best times of year to sell a house — another point in favor of “now.” 

Realtor.com recently went so far as to specifically declare the week of April 16–22 the best time to sell.

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:

1. 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.

2. 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.

3. 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.

4. 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.

WHEN IS A GOOD TIME TO WAIT?

There are many reasons why it may make more sense to hold off on listing your home for sale. 

Here are some common factors that might make prospective sellers hit the pause button:

1. If rates are rising: 📈📈📈
Rising mortgage rates, as the current market is experiencing, often mean fewer buyers and a smaller pool of buyers who can afford the price you want. 

Selling a home isn’t free, so if you can’t maximize your price, you might decide to wait.

2. If you’ve recently refinanced: 🏦🏦
If you recently refinanced your mortgage, it may not make financial sense to sell just yet. 

You may actually lose money by doing so, when considering the closing costs and other fees typically paid as part of the refinancing process.

3. If you’re upsizing: 🏘️🏘️
The cost to purchase a new, bigger home may be unaffordable, particularly in a hot market. 

Don’t get in over your head — take the time to be sure your finances can actually accommodate the type of home you want.

4. If your home is in poor condition: 🏚️🏚️
Got a long list of repairs waiting to be completed around your home? 

You may want to postpone selling until some of the work can be done. 

It’s important to show your home in its best light in order to land the most favorable offer possible.

5. If you have no game plan: 📋✍️
If you’re simply trying to time the market to make a profit and have no plan for after your home is sold, it may be best to wait.

Thinking about selling and cashing in on your equity? I can put a game plan together for you that will ensure a WIN/WIN!

Message me today to find out what your home is REALLY WORTH!