- Is 2023 a Good Year to Sell a House?
- Why You Should Sell Your Home Now
- Why You Should Wait To Sell Your Home
- Tips for Selling Your Home in 2023
- Additional FAQs
- Get Ready To Sell Your House in 2023
Should I Sell My House in 2023? Why and Why Not
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If you’ve been wondering if 2023 is a good year to sell a house, you have come to the right place. This comprehensive guide will examine the pros and cons of selling your house this year and address issues such as a potential recession and the best times to sell a property.
Is 2023 a Good Year to Sell a House?
Let’s consider the current market conditions in the United States. The national housing market has continued to evolve rapidly, though it has yet to stabilize following the disruption from the COVID-19 pandemic in early 2020.
However, things are looking up. Fannie Mae, for example, ran its annual Home Purchase Sentiment Index in January 2023 and found that the number of people who believe that selling a house in 2023 is a good move has increased from 51% to 59%.
But is now a good time to sell a house as the year progresses? This requires a lot more research. When selling a property, you must understand your local market conditions, not just the average situation across the country.
In some cases, markets will be more geared toward sellers, and at other times they will favor buyers. We recommend gathering as much information as possible before putting your house on the market.
You will also need to consider your personal situation, particularly your finances. Are you ready to embark on a potentially lengthy, stressful, and costly process? Are the other members of your household on board?
Deciding whether to sell your house now or wait can be complicated.
Why You Should Sell Your Home Now
Let’s assume you are ready and eager to sell as soon as possible. Below are three main reasons you should consider selling a home in 2023 instead of waiting.
1. Favorable Market Conditions
As we said earlier, if market conditions favor sellers, you shouldn’t think twice about making your move. The specific conditions to pay attention to are interest rates and housing inventory.
When interest rates are low, it entices more buyers to enter the real estate market. And more buyers on the market means more opportunities for sellers. If this is the case in your local housing market, take advantage of it and consider preparing your property for sale.
Supply is another crucial factor. When very few homes are available for sale, demand and prices soar — and the available properties usually sell quickly.
2. Relocation Needs
You may want to move to a different area, town, or even state for many reasons. It could be for a new job, school, or a much-needed change of scenery. If this is the case, consider selling your current property and looking for one in the area you are interested in.
If you need to relocate for work or education, you should sell quickly as you’re likely facing deadlines and other time constraints and can’t afford to put the brakes on the process.
The kids have flown the nest, retirement is approaching, or perhaps a member of your household has sadly passed away. All of these are valid reasons for selling your house and downsizing to a smaller and more easily manageable property.
Your finances are in a good place, and you are ready to invest in a bigger and better property. If this sounds like you, then there is no reason why you should wait. If your house is in good shape, then the time for selling it is now.
Why You Should Wait To Sell Your Home
If you aren’t convinced you should sell your house in 2023, perhaps the timing could be better. But, on the other hand, these factors may indicate if now is a bad time to sell a house.
1. Unfavorable Market Conditions
One of the most apparent reasons why waiting to sell is the best option has to do with market conditions. If mortgage rates are high, for example, fewer people will be willing to look for properties to buy.
Another unfavorable market condition for sellers is a high housing supply. When many properties enter the market simultaneously, competition among sellers becomes more aggressive.
Have you just had a baby, or are you planning to expand your family? Or maybe your elderly parents are moving in with you. Situations like these may require that you sell your current home to buy a bigger one.
But while the idea may be exciting — or unavoidable — you may still decide to wait a little bit longer in order to get your finances in better shape, for the market to be more favorable, or to put together a plan of action.
3. No Selling Strategy
Selling a property is a business endeavor requiring a well-thought-out plan to succeed. Of course, one of the main reasons you may want to sell your house is to make a profit — but do you know what will happen once the property has sold?
Do you have a plan outlining where you will relocate to or how you will invest the money you made from the sale? If the answers to these crucial questions are negative, then you’re better off waiting.
4. A Property in Bad Condition
While it’s certainly not necessary for your property to be spotless once you are ready to sell it, it should at least be in good condition. Consider tackling any repairs, maintenance problems, and incomplete projects before you put your house on the market.
Tips for Selling Your Home in 2023
If you’ve decided that selling your home in 2023 is the right move, the tips below will help ensure you achieve the best possible selling results.
Get Your Finances in Order
First things first: your finances. Sorting out your finances is essential if you are buying a house, but it’s just as important if you are selling one.
>> AGENT ANSWERS: How do I live in my house while selling it?
This is particularly true if your property requires some level of repair or redecoration, as is often the case. You must also factor in expenses such as your real estate agent’s fees and commissions, marketing and listing costs, and home staging.
Team Up With a Great Real Estate Agent
There are many different ways to sell a property, but one of the most effective is to work with a trusted and expert real estate agent. Look around your area to make sure you find someone with good local knowledge, a great reputation, and plenty of experience with home sales.
Make All Necessary Repairs
We’ll say it again: Before you put your house on the market, take care of any necessary repairs. Fortunately, many sellers find these are mostly minor things, such as leaking faucets, outdated décor, and worn-out carpets.
But if a thorough home inspection reveals that your property needs major work, you’ll have to bite the bullet. Look around for reputable, honest, and professional contractors, as it’s unlikely that you will have all the skills, tools, and time to handle the work by yourself.
Here are some last words of caution to the sellers who get carried away and feel like they “need” to completely overhaul their entire property to please a potential buyer. That’s not always the case — and it’s also very expensive.
Adding a sunroom, building a new home office, or engaging in other elaborate home improvement projects at this stage will not only cost you a lot of money but is also unlikely to add any real value to your property.
If you realize you have the money and time to carry out one big project, focus on the kitchen or the bathroom: the two key rooms in most houses.
Clean and Tidy Up the Interior
Before putting your house on the market, make sure every room is clean, tidy, and clutter-free. Not only will this help potential buyers realize that you are a serious and trusted seller, but it will also showcase your house in its full glory.
While decluttering can be something you want to deal with yourself, as you will probably be handling valuables and other personal items, cleaning is best left to a professional company. Yes, it will cost more money, but it will save you time and hassle.
Remember Curb Appeal
Once you have ensured that the inside of your house is in tip-top shape, it’s time to look at the outside. We’re talking about curb appeal.
The exterior of your property is key to making a great first impression on visitors and buyers. If you find any work that needs to be done, don’t think twice.
If everything looks pretty good already, remember there is always room for improvement. A few new plants or shrubs, lighting, or walkway could help you land an interested buyer in no time.
Create a “Dream Team”
Even if you aren’t going to put your house on the market for another few weeks or months, it’s wise to start getting in touch with contractors right now. This will give you plenty of time to compare quotes, read customer reviews, and assess skills and specialties.
Don’t know where to start? Speaking with your real estate agent can help. If you have chosen one with excellent local knowledge and industry expertise, they will surely be able to put you in contact with members of their contractor network — and may even give you a better deal.
Stage Your Home for Success
Last but certainly not least, selling a house in 2023 can be much easier if you opt for home staging. This helps potential buyers imagine themselves living in the house and brings out the real essence of the property.
Professional staging will require a fairly significant investment on your part, but you will soon notice that every last cent is worth it. If your budget simply doesn’t allow it and you believe you can successfully stage your home by yourself, you can try it before contacting a professional.
Home staging doesn’t have to be complex or extravagant. To begin with, you’ll want to remove any personal items from your home, especially photographs, vacation souvenirs, and other gadgets and valuables.
Then, invest in some nice, inexpensive accessories. Some new cushions and throws in neutral shades, indoor plants, and a few table lamps will instantly give your property that cozy, welcoming feel.
If you are still trying to decide if you will be able to sell your house in 2023 and would like even more advice on this topic, then take a look at some additional information below.
Should I Sell My House Now Before a Recession?
A recent study conducted by Bankrate found that the U.S. economy has a 64% chance of entering a recession in 2023. While the idea of a recession might be enough to make you eager to sell your house as soon as possible, remember that there are many other elements to factor in when choosing to sell a property.
If the overall market conditions and your personal circumstances allow it, selling sooner rather than later is a good move. But if you’re not fully ready, it’s best to wait.
What Is the Best Time To Sell a House in 2023?
Generally speaking, the best times to sell a house are the spring and the first few weeks of summer. The weather is milder, the abundance of natural light entices buyers to book house showings more frequently, and most people want to get settled before the fall arrives (and before Thanksgiving and Christmas festivities).
Having said that, when to sell your property is entirely up to you. As we discussed in the earlier sections of this guide, many factors are at play when choosing when to sell a house, including market conditions, finances, and the current state of your property.
While spring and summer remain two of the top-selling seasons in the housing market, remember to draw your conclusions only after considering other important aspects.
Can I Buy and Sell a Home at the Same Time?
The short answer is “yes,” but there’s much more to it. If you want to sell your current house and buy a new property simultaneously, you will need a clear plan of action, and you will need to work with a reputable real estate agent and a skilled mortgage expert who can guide you through the process.
Then, you’ll need to be prepared to negotiate closing dates and timelines, as you won’t want to risk selling your house before your new one is ready to move in. It’s also important to factor in any issues or delays with your project’s selling or purchasing side, as they will inevitably affect the other parts. This can be stressful, so make sure your plan is solid.
Can I Sell My House Without a Real Estate Agent?
Teaming up with a good real estate agent can make a big difference in the selling process’s speed, effectiveness, and profitability. But there are some downsides — good agents can be expensive.
You can market the property independently if you don’t want to budget for those extra costs. Try listing it on multiple listing services (MLS) to maximize reach and exposure, and ask For Sale By Owner (FSBO) websites for support.
MLS websites allow you to list your property across different real estate providers, boosting visibility among potential buyers. On the other hand, FSBOs are websites packed full of tips, resources, and other helpful information that can guide you through the selling process without a real estate agent. Make sure you check out our resource on the cost of selling your house without an agent first though!
Do I Need To Style My Home Before Selling It?
While professional home staging and styling are not strictly necessary to sell a home in 2023, ensuring that your house looks beautiful in photos and videos — and, of course, in person — is essential.
For this reason, we advise working with a professional photographer or videographer who can take sleek, polished shots and clips of your house. This can help you focus on specific rooms or details that might be particularly attractive to your target buyers.
Get Ready To Sell Your House in 2023
Hopefully, this guide has answered many of your questions and helped put some of your fears at rest. But if you need more help, tips, and resources on selling a house in 2023, we’ve got you covered.