If you’ve been watching the real estate market, you know it has been a wild ride the last couple of years. Home values all across the country went through the roof, and homes sold in a matter of minutes.
Today, the real estate market is cooling off just a bit. The news is making this cool-down sound like the end of the world, but it isn’t. Still, the conflicting reports can make this a confusing time if you’ve been considering selling your home.
When it comes to real estate, it is important to know that every situation is unique, and there is not one right way of doing things. However, most experts agree that selling your home now is better than waiting until 2023. Let’s look at some reasons for that:
It’s Still a Seller’s Market
Yes, the market has slowed down, but we are still in a seller’s market. Prices aren’t appreciating as quickly as last year, but we are still seeing year-over-year gains.
Inventory is still low in most areas, so you won’t have a lot of competition in the market. Homes are still selling relatively quickly, and they receive multiple offers in some areas. As long as you have a solid marketing plan and the house is priced right, selling in today’s market should be a pretty straightforward process.
Buyers Aren’t Happy About Interest Rates
Holding off until 2023 may sound tempting, especially as we enter the busiest time of year for most of us. However, something playing a major role in the future of the real estate market is interest rates. They’ve already doubled in the last year, and we expect them to increase again.
Homebuyers are already pushing the limits of their budgets, and another increase in interest rates may make them put off their home search altogether, decreasing buyer demand. As you know, home values are determined mainly by buyer demand. When the demand isn’t there, home values drop. This means if you wait until 2023, there’s a good chance your home will be worth a little bit less than it is today, and the selling process will be more challenging.
Reasons To Wait To Sell Your Home
As we mentioned, there are some reasons you may need to wait to sell your home. If you don’t have much equity in your home, stay put. If you would have to pay capital gains taxes after your sell, wait it out. Most importantly, if you can’t afford the payment on a new home, don’t sell.
Selling your home is a huge decision, but you need to consider your next move too. If you would be in a worse financial situation after selling, it is simply not worth it.
Ready To Sell?
At the end of the day, we only know what today’s market looks like. It is favorable to sellers, and home values are high. It doesn’t look like there will be any significant “crash” anytime soon, but do you want to take the chance of values coming down and losing thousands of dollars?
If you’re ready to sell your home, we are here to help. Give us a call so we can run some numbers and put together a plan to get your home sold quickly and for the most money possible.