Is it a good time to sell my house? That’s a question I hear a lot. You may be anxious having lots of people through your home due to COVID, or concerned that if you sell you’ll have nowhere to go. Both valid concerns, but sooner or later, you will reach a point where you need to consider: “Is this the time to sell?”
What constitutes a “good time to sell”? That depends. More than anything, it depends on the your needs and motivation. If you have too much home, or not enough home, if you have taken a new job, or some other significant change in your life: all of these can make selling your home more urgent. If you are thinking about cashing out your equity to help with your retirement, move to a place with lower taxes, better weather, closer to friends and family, those too are valid reasons to sell, but may have a more flexible timeline. The fact is, whether the market is good, or bad, is generally less important than other reasons in your life to sell a home.
After all, in most cases, if you are selling you will also be buying, so what you lose on one transaction you can make up on the other. Or you might consider selling and renting somewhere to wait out a change in the market more favorable to buyers. As with the stock market, trying to time the real estate market is no easy thing, and you are as likely to get it wrong as right, so the best approach is to let your other needs drive the timing of your sale, not the market.
As of winter 2022, we are still very much in a seller’s market. Well priced properties are still attracting multiple offers. There is still a healthy supply of buyers motivated by low interest rates and pent up demand from chronic under-building of new homes, and the lack of existing home inventory for the reasons stated above.
Could the market change? To some extent it already has. While well priced homes still attract multiple offers, the market is much more price sensitive than it was a year ago. More homes are dropping prices, and buyers are getting pickier. And interest rates are expected to rise about 1 point over the coming year, which will add to price pressure. But demand is likely to remain strong for the foreseeable future. Only a drastic rise in interest rates (which no one is predicting at the moment) or a significant, sustained increase in housing supply will dampen demand.
So what if it is a good time for you to sell? What are your next steps? Start by taking a fresh look at your home? Is it in good shape? Do all the systems work? Buyers today have limited resources in time, money or contacts to take on a major project. Homes that sell quickly and for top dollar are up-to-date, clean and fresh. Address any repair issues up front, paint and refresh kitchens and baths with simple updates like new appliances, and de-clutter as much as possible. Don’t overlook lighting, brightening dark rooms is one of the least expensive, but most effective updates you can make. Your real estate agent can help you identify those items that will have the greatest return on your investment.
If you are ready to sell, give me a call, or text at 973-462-4079. I am prepared to help you find a buyer for your home, and set you up for a smooth transaction. I can also help you find a new home in the area, or a great agent in the area you are transferring to. Even if you are just exploring the possibility of selling, I’m ready to help!