The Waiting Game: Sell Now or Hold Off Until Mid 2023?
For many property owners across the country, the decision of whether to sell their homes is a complex and challenging one. There are a variety of important variables to take into consideration, and this momentous choice is ultimately one that could have far-reaching implications. Those that determine that selling is the ideal option are then faced with the question of whether to sell immediately, or to hold off for more favorable selling conditions.
Over the last few years, the real estate market has been quite strong for sellers. Enticing mortgage rates for buyers coupled with somewhat limited availability enabled many sellers to make deals quickly and get higher value for their homes than they initially hoped for. Conditions are changing though, with mortgage rates increasing significantly and the prospect of a general economic downturn causing a lot of concern. If you’re determining whether to sell your house right now, or bide your time until the middle of 2023 or later, Swift Homes is here to offer you some guidance.
The Case for Selling Immediately
In spite of the concerns over the direction of the economy, there are a number of reasons to not hold off in selling your property. Even though high interest rates are giving some prospective home buyers pause, the fact remains that the overall demand for homes is still outpacing the available supply. With the global pandemic significantly hindering the ability of home builders to acquire the materials they require in a timely manner, the production of new homes still cannot match the demand. As such, by selling now you can reach buyers who absolutely need to purchase property and are keen to do so before they’re faced with even higher rates and an increasingly concerning economy.
Another reason why selling your house now may be better than waiting is that there is so much in flux and unknown about the upcoming months. If you’re fully committed to selling and believe that you can get an offer in line with your wants and needs, then proceeding now makes a lot of sense. The last thing you want is to wait, only to find that conditions have worsened and finding the right buyer is near impossible.
The Case for Waiting
Just as there are viable reasons for selling your home now, there is a case for holding off until mid 2023 or later as well. If you find yourself in a situation where you’re thinking of eventually selling but are comfortable in your current home and are under no obligation to move, then waiting to see how the market evolves is a viable option. Another circumstance that would make waiting to sell the better choice is if taking on a new mortgage would be far more costly than maintaining the one for your current home. Selling immediately is also far less advantageous if you haven’t lived in your house for at least a few years. This is because you may still have much of your mortgage to pay off, which can be problematic if the revenue you receive from the home sale is insufficient to manage that expense.
Even if you’re set on selling your property, waiting at least a few months into 2023 can be a good decision if you are unable to secure the new home you want. If you find yourself unable to afford the new home you want, and are concerned about what the increasingly-strained economy may bring, then delaying the sale may be the best option. While some people consider selling their homes and then renting a space until they can purchase what they want, this can be a very costly endeavor. If you’re under no obligation to move, waiting a bit of time to see how things pan out may end up putting you in a much better position overall.
Sell Your Home Fast for Top Cash Value with Swift Homes
We hope that this information proves useful for you. Whether you end up wanting to sell now or wait, Swift Homes is here to help. Our company works with homeowners across the country to sell their homes quickly for cash and in as-is condition. Over the years, our experienced and dedicated team has helped facilitate the sale of more than 5,000 properties. We operate with complete transparency, and have a streamlined process that all of our customers appreciate. Please request your cash offer online, or give us a call at (877) 861-2466.