Last Updated on June 13, 2023 by Luke Feldbrugge
If you’re asking yourself, “Should I sell my house now?”, it is a significant decision that requires careful consideration. Whether you’re looking to upgrade, downsize, or relocate, it’s essential to make an informed choice. Here we explore the key factors to help you determine if selling your house is the right move for you. By understanding the market conditions, assessing your property’s value, preparing your home for sale, considering selling options, and hiring the right talent, you can navigate the home selling process with confidence.
Is Now the Right Time to Sell My House?
The housing market in 2023 has been a crazy ride. That said, it has consistently been a sellers market for much of the United States, even as home prices began to drop. Recent data shows the following trends in favor of home sellers:
Stabilizing or Slightly Increasing Home Prices
Home prices have been either stabilizing or slightly increasing since the previous year, and that’s great news if you’re asking yourself, “should I sell my house now?” Reports indicate that prices are rising in the majority of U.S. markets, which is encouraging news for home sellers. This suggests that the decline in home values may have stabilized, making it a favorable time to sell.
Low Inventory and Seller’s Market Conditions
The current housing market is characterized by a low supply of homes, leading to high buyer demand and not enough homes available for purchase. Well-priced properties are selling quickly due to the strong demand. This seller’s market condition can be beneficial if you choose to sell now, as you will likely sell your home faster and potentially at a higher price.
Foreclosure Activity and Misleading Headlines
While there has been a slight increase in foreclosure activity in recent years, it is not at a level that would significantly impact inventory or shift the market to a buyer’s market. Misleading headlines about a housing bubble has caused unnecessary panic in some circles. Therefore, it’s important to have a clear understanding of the facts and consult with an informed real estate agent who can provide accurate insights regarding the trending conditions of the housing market you may soon enter.
When you decide to sell your house, sign up to speak with a member of our Homes for Heroes team and they will answer your questions. If you’re ready to work with our local real estate specialist to sell your house, they will connect you to begin the process. Our heroes (firefighters, EMS, law enforcement, military, healthcare workers and teachers) who sell their home with our local specialist, you can save an average of $3,000. And, if they buy AND sell a home with our specialist, they can save an average of $6,000!
What About the Potential Recession and Home Prices?
While there have been discussions about a potential recession, historical data from previous recessions shows that home prices have appreciated in most cases. That’s great news for home sellers. Additionally, during a recession, the Federal Reserve typically lowers interest rates, making mortgages more affordable and creating incentives for spending. This can result in increased opportunities for potential buyers and increasing demand for home sellers.
If you want more insight on the current market condition, please visit our recent Housing Market Trends report for deeper industry analysis.
Assessing the Property Value to Sell Your House
Knowing the value of your property is vital when selling your house. Several methods can help you determine its worth.
- Comparative market analysis involves comparing similar properties in your area that have recently sold to estimate a fair price.
- Hiring a professional appraiser provides an unbiased evaluation based on various factors such as location, size, condition, and amenities.
- Online tools, such as real estate websites and valuation calculators, can provide an initial estimate.
Combine these methods to gain a comprehensive understanding of your property’s value.
Preparing to Sell Your House
To attract potential buyers and maximize your chances of a successful sale, it’s essential to prepare your home.
- Start by decluttering and organizing each room, creating a clean and spacious feel.
- Consider staging your home to highlight its best features and create an inviting atmosphere.
- Make necessary repairs and improvements to enhance its appeal.
- Small upgrades like fresh paint, new fixtures, or landscaping can make a significant difference.
Remember, first impressions matter, so focus on curb appeal by ensuring your exterior is well-maintained and attractive.
Selling Options: DIY vs. Real Estate Agent
When selling your house, we always recommend you seek the help of licensed real estate professionals, and mainly to work with a real estate agent who knows your market. However, you have the option to go the do-it-yourself (DIY) route. Each approach has its pros and cons.
Selling on your own gives you full control over the process and potentially saves you money on commission fees. However, it requires a significant investment of time, effort, and expertise in marketing, negotiation, and legal aspects.
On the other hand, working with a professional real estate agent brings their experience, market knowledge, and network to the table. They can handle the complexities, market your property effectively, and guide you through negotiations, ultimately maximizing your chances of a successful sale.
Save an Average of $3,000 with Homes for Heroes
Deciding whether to sell your house now can become a significant undertaking. By carefully considering market conditions, assessing your property’s value, preparing your home for sale, and finding the right real estate agent to assist you through the process, can really help you make an informed decision. Remember to evaluate your personal circumstances and financial goals throughout the process. Selling a house involves various steps, but with the right knowledge and approach, you can navigate the journey successfully. Take your time, seek professional guidance, and ensure that selling your house aligns with your overall goals.
If at anytime you worked and served your community or this country as a firefighter, EMS, law enforcement, military (active-duty, reserve or veteran), healthcare worker or teacher; you qualify for the Hero Rewards savings offered by Homes for Heroes and our local specialists.
Simply sign up today to speak with a member of our team about selling your house. They will answer your questions and put you on the right track to save an average of $3,000 after you close on the sale of your house. It’s our way to say thank you for your service.