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Signs You Should Sell Your Home Now vs. Waiting Until 2023

Deciding on the right time to sell your home can be difficult as there are multiple financial and personal factors to consider. Although the real estate market shows signs of cooling with the rising interest rates and home prices, the buyer demand in Southwest Virginia and Northeast Tennessee remains strong. Since the market is expected to shift, if you’ve been considering selling, now is an excellent time to make that move. 

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Reasons to Sell Your Home Now

While it can be nerve-wracking going through the pros and cons of selling a house, below are the three key factors it may be time to sell. 

Housing Supply Remains Low

Local inventory remains low, which means there are still more buyers than homes on the market. Therefore, you are likely to sell your home fairly quickly. 

It’s important to note that pricing your property right from the get-go is essential for a quick sale. Consult your local agent to determine a list price range best for your home. 

You Don’t Live in the Home You Want to Sell

Whether you inherited a property or previously purchased an investment home, cashing in on the sale of the house could be beneficial for impending financial changes. Selling a home you don’t live in eliminates any additional expenses for the upkeep, yearly taxes, or HOA fees involved with keeping the property. 

While rents are on the rise, sometimes an investment property can be more of a headache than it’s worth. Therefore, it may be best to sell the home to take advantage of the higher home selling prices. 

You’re Relocating And Need Cash to Buy a New Home

If the relocating process has already begun, it makes sense to sell your home now rather than wait. Depending on your current mortgage balance and your home’s equity, you will likely be able to walk away from the sale with cash. Therefore, you can use that cash toward your new home purchase, which can help make your offer more appealing. 

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Reasons to Wait Until 2023 to Sell Your House

While there are many benefits to selling a home now, every situation is different, and it may be ideal for you to wait to sell. Maybe you and your family are content with your current home, or your long-term planning requires more clarity before making a move, regardless of the situation, below are two reasons to wait until next year to sell your house. 

You Have a High Remaining Mortgage Balance or Recently Refinanced

During the record low interest rates in 2020-2021, many homeowners chose to refinance to take advantage of the lower rates and lower their monthly payments. If this sounds like your situation, it may not make financial sense to sell until later. 

You’re in the Middle of Renovating, or There are Many Upgrades Needed

Whether you started renovating your home or have a list of repairs or updates needed to make your house shine, putting off selling could be the best decision. Recent updates and well-maintained properties are the most appealing to today’s buyers, so completing these tasks before listing your home for sale often results in higher ROI (Return on Investment) when selling your house.

While it’s possible to sell a property with unfinished improvement projects or a long list of deferred maintenance tasks, your listing price should reflect those things, and purchase offers may be lower than what you expected to profit from the house. 

Highlands Realty Inc

Contact Highlands Realty, Inc if You’re Thinking About Selling Your Home

Whether you’re concerned that waiting to sell your home could be costing you or you are ready to discuss putting your home on the market, our knowledgeable real estate agents are here to help. They can provide a professional analysis of your property to help ensure you feel confident with your decision to sell your house or wait. 

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