How to Know When It’s Time To Sell Your House

When Is it time to sell my home?

It is the first and most fundamental question home sellers ask themselves when deciding whether to sell their home. The launch question of the home-selling process is often the most difficult question to answer. The answer isn’t the same for all owners. There is no right call for everyone.

In today’s changing, evolving housing market, it can be very hard to know if your home is ready to list. The market isn’t as sizzling hot as it was in 2021 when buyers outnumbered houses and prices skyrocketed, but it’s rebounded considerably from 2022’s post-pandemic slump.

“With the recent volatility of the housing market, a lot of sellers are on the fence,” Rocket Mortgage’s Sidney Richardson writes.

You Are Market Ready If …

You’re a Veteran Homeowner & Know The Right Price For Your Home

You have been in your home for a while, have simply outgrown your starter home, and have a solid asking price in mind.

After a rough 2022, the market is stabilizing, interest rates are leveling off and buyers are returning to the pool. Plus, the home supply is there to meet a greater demand. Ramsey Solutions reports 244,000 more homes were up for sale in December 2022 than there were in December 2021. Prices are also healthy. In January 2023, the medium existing-home sales price was up 1.3% to $359,000, according to the National Association of Realtors (NAR).

“If you are selling your home at an appropriate price reflecting conditions, we’re finding that there are still buyers out there,” Lisa Sturtevant, chief economist for multiple listing service Bright MLS, told U.S. News & World Report.

Also, interest rates are leveling off, further drawing in new potential buyers. As of March 9, Bankrate reports the current average interest rate for a 30-year fixed mortgage is 7.13 percent.

“In 2023, homeowners can expect to see a different market than they witnessed in the early days of the pandemic with rapidly rising home prices, or even 2022’s depleted demand due to high interest rates,” Devon Thorsby of U.S. News & World Reports writes. “While 2023 still may see a recession, interest rates are expected to stabilize and some buyers are expected to return to the market.”

Orphe Divounguy, senior economist for Zillow, believes inflation will flatline as well this year.

“Mortgage rates seem to be on the way down, with inflation having already peaked,” Divounguy told U.S. News & World Report.

However, housing experts and realtors warn that you should never decide to sell (or not sell) your home based on the state of today’s housing market alone.

“Market conditions are only part of the picture – and they’re not even the most important,” Ramsey Solutions stresses. “Your personal situation needs to take center stage.

“The best time to sell a house is when the market and your individual situation line up.”

You Are Market Ready If …

You Have Equity On Your Side

A critical X-factor for many potential sellers, equity is the amount you have left to pay on your mortgage subtracted from the market value of your home. The difference equals your home equity.

How much equity do you need before you sell your house? Ramsey Solutions recommends having enough equity to pay off your current mortgage plus enough left over to make a 20% down payment on your next home. Putting 20% or more down on a new home allows homebuyers to avoid private mortgage insurance (PMI).

Before you decide to sell, make sure you are in a strong financial position to easily afford to move as well. Alas, selling isn’t free.

You Are Market Ready If …

You Have Your House Ready To Show

Not every seller has ready cash to take care of renovations and repairs, but don’t underestimate the value of your sweat equity. Deep cleaning, organizing and decluttering your home allows buyers a chance to envision the home’s potential and see themselves in it.

Make sure your home is ready to show before you decide to list it.

You Are Market Ready If …

You Are Emotionally Ready To Sell

Deciding to move on from the place you call home is one of the biggest financial and life decisions anyone can make. A home is so much more than four walls and a roof over our heads. It’s the place where our kids take their first steps, the place where we live and love, the place where we share countless family moments and memories.

If you’re having second thoughts or cold feet one day to the next, you’re not ready. But if you have firmly decided it’s time for a chance and a new home for yourself and your family’s future, you are ready to put a For Sale sign in your front yard.

Here are some questions to ask yourself to make sure you are ready for one of the biggest decisions and leaps of your life:

1. Am I ready to put in the work to get my home ready for house hunters?
2. Am I committed to keeping it ready to show for possibly weeks or months?
3. Am I ready for difficult negotiations for what buyers are willing to pay for my house?
4. Am I ready to move out and leave the place where my family has made memories?

If the answer to any of these questions is no, you’re not ready to sell.

When You’re Ready, We’re Ready

When you’re ready, I will be here to help guide you every step on one the most important and exciting journeys of your life.  I will make sure it’s a rewarding, beneficial journey for you and your family.

I’d love to answer any questions you might have!  Let’s get moving!