By
Marjorie Adam
Typically, homeowners who list their homes in the spring take advantage of higher buyer demand. Statistically, mid-April, or right about now, is the optimal week to list a home. But the spring buying season has been off to a slower start than usual, with fewer homes coming on the market than this time in 2022.
Mortgage rates have begun trending down in recent weeks, which could spur some more activity in the housing market. Still, the average for a mortgage is more than twice what it was during the pandemic housing boom, and many homeowners don’t want to trade in that rock-bottom rate for a higher one.
Let’s dig in a bit more on this question of whether now is a good time for you to sell your house — and what factors to consider when making your decision.
Why you may want to list your home now, versus waiting:
- There is a shortage of housing inventory, which means that there is generally higher demand for homes that are available. This could lead to a bidding war, depending on your price point and home. However, this is NOT the market of 2021 and 2022, so make sure you have current market information to work with, not what your friend sold their home for in 2022.
- If you are looking to downsize, which can mean fewer bedrooms or less land to take care of, this can be more budget-friendly than looking to buy a larger home, especially with the current interest rates.
- If your home does not suit you anymore, such as not having a first-floor master bedroom or you don’t want to do stairs, or there are more repairs than you can or want to handle, selling may be necessary or advisable.
- If you want or need to relocate for work or to be closer to family, this becomes a no brainer that now is the time to sell.
Why you may want to wait to sell:
- With the higher interest rates, some buyers may wait to buy. If you can’t maximize what your home will sell for now, or have no plan for your next steps, waiting may make sense.
- If you are upsizing, it is harder to find a home currently, and prices are high, so that bigger home at current rates costs more and is often harder to find. This is a big reason the inventory crisis remains.
- If you refinanced during the boom when rates were under 3%, buying another home right now will feel and be much more expensive.
- If your home needs a lot of work, you may want to wait and make those needed repairs to maximize what you could sell your home for. There is always a balance, so reaching out to your Realtor for advice is important here.
Deciding whether now is 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. We are here to help you work through your questions and thoughts to put a strategy to work for you to get your home sold!
SUBSCRIBE FOR UPDATES
If you are interested in receiving notifications when we post new helpful resources like this article, please subscribe below. As a thank you we’ll send you our home checklist resources - a growing library of helpful checklists to keep your home safe and running smoothly.