Is This a Good Time to Sell my House?
Selling your house is a huge decision, both financially and personally. With the recent trends in the housing market, there are many factors to weigh in considering when to sell. Is this a good time to sell my house?
When it comes to selling your house, you generally have three options in regards to the timing:
- Decide to sell; put your home on the market immediately
- Decide to sell; wait on the market to observe trends and try to time your listing to maximize buyer interest and spending power
- Decide not to sell; stay in your home for the foreseeable future
There are pros and cons to each one of those decisions, especially in the current real estate market. Let’s look at each option.
If you decide to sell immediately, you take the gamble on homebuyers still being willing to pay top dollar and compete with each other, especially with inflation and interest rates rising. On the one hand, many buyers who have been outbid in the recently competitive market are still desperate to put their best foot forward in order to win a contract. On the other hand, some of those buyers are being priced out of the market at the moment, potentially leading to less competition that pushes up the top dollar price tag on your sale. If you have personal reasons for needing to move immediately, many of these factors will not matter though.
Sell In The (Near) Future
It’s no secret that the housing market is starting to shift. The past few years have seen record highs for home values and the competition for purchasing, but that may be slowing down now. Waiting to list your home may help you avoid a sharp downturn or a house that sits on the market for longer than is ideal, but it also may mean you miss out on a current high. If you want to move but don’t need to, this gives you the most options for maximizing your selling potential. Just remember, you will probably need to put the shoe on the other foot when you buy another house too! While the market may remain great for sellers, that also means you’ll feel pressure as a buyer, or vice versa.
The final option gives you the most leeway to navigate uncharted housing market territory. As trends (and interest rates!) change, you won’t be impacted by them. The downside? If your desire is to move, whether it be for more space, a better property, or a different location, you aren’t getting that want met.
While there are many people who claim to have a crystal ball for the housing market, the truth is that no one can predict the future. If you are considering selling your house, the first step is to speak to a real estate professional to discuss your personal circumstances. When the time comes, you can trust the title and closing experts at Clear Title to get you to the finish line.