Over the past year, we’ve watched the real estate market blow up with record high prices and record low interest rates, with little supply, making it a sweet time for sellers. However, as we approach the end of 2022 things have started to cool down and we are now seeing a more balanced market.
Homes for sale are sitting on the market for a bit longer. People are no longer coming in with all cash offers way over the asking price. And, people have more options with more houses available for sale. So if you’ve been thinking about selling your home, you may now be wondering if it’s a good time to list, or is it smarter to wait?
The first thing to take into consideration is the reason why you want to sell your home. If you’re needing a bigger space, want to downsize, you need to relocate, or if the value of your home has increased are all great reasons to sell. Here is a graphic that explains the top reasons why people are selling their homes right now:
The next thing to consider is whether or not you are comfortable with waiting for the right buyer, as the process may take a little longer than what we’ve been seeing recently, and if you’re comfortable with the current interest rates when it comes to buying a new home. The current interest rates may be the main reason you’re on the fence about selling your current home and purchasing a new home. Something to keep in mind, especially if you have a lot of equity in your current home, it to buy now and refinance later if rates go down. And, if rates don’t go down and continue to rise, you’re still in a good position with your purchase.
If you don’t have equity in your home or can’t afford a new home right now, it’s not the time to sell.
Not sure what you’re home is worth? We can help! Provide a bit of info and we’ll provide a personal evaluation for you, avoiding the notoriously erroneous estimates provided by online property calculators. Calculate your homes value HERE.