Housing markets shift. It’s inevitable. Sometimes they shift in favor of sellers, and sometimes in favor of buyers. What we’re seeing right now is a little bit of both, truthfully, but it’s still a great time to make a move.
If you’re considering putting your house on the market, here’s why you should consider doing so before 2023.
- You probably have significant equity. Buyers and sellers have seen the housing market skyrocket in the last two years. What does that mean for you now? It means that housing prices aren’t going back to pre-pandemic levels, which means the equity you’ve gained in the last 2+ years is pretty high. If you’re thinking about selling, cashing out could be a great way to get a head start on other life goals.
- People still need houses. This may seem obvious, but just because the market has cooled recently doesn’t mean it’s come to a screeching halt. According to Realtor.com, active listings are 8% lower than they were in 2021, which means inventory is relatively flat. If you put your house on the market with the right agent at the right price, you could be looking at a quick sale.
- Houses are taking longer to sell. While there is still a shortage of homes on the market, buyer demand has slowed a bit, ultimately increasing the days on market. If you plan to move before the end of 2022, or even early 2023, now is the time to talk to a Realtor and get your home on the market, or you may not be moving as quickly as you had hoped. See our chart below with expected market times by price range in comparison to last year. The difference is huge!
- Interest rates could impact the market. The higher the rates rise, the smaller the pool of qualified candidates gets. As of September 2022, mortgage interest rates increased to 6.39%. That’s up from 3.22% in January of 2022. Savvy buyers are shopping for reasonable interest rates with the same enthusiasm they’re shopping for homes, and as they continue to rise, buying fewer homes for more money may become the norm.
So what’s the bottom line? If you’re thinking about selling, don’t wait. Working with an agent who knows the housing market in your area and has a good reputation with mortgage lenders can mean the difference between maximizing your sale price and not even selling at all.
If you’re interested in learning more about how The Harter Group can work for you to get your home sold, contact us. We’d love to chat. (949) 412-2808
