It is safe to say that 2021 & 2022 was a fantastic year for home sellers. Due to a lack of inventory and high property valuations, sellers in the residential real estate market had an obvious advantage. And many sellers have profited handsomely over the last 12 months. At the moment, the property market is still very advantageous for sellers. So, if you are selling, then it’s crucial to understand how to sell a home, and then start the process as soon as possible. Here is why.
1- Why Move Now?
Even though mortgage rates are still a bit low in 2022, they were already significantly higher than in the past in 2021. And there is reason to anticipate that as 2023 approaches, rates will continue to rise. For starters, the Federal Reserve intends to raise short-term interest rates. While these rates relate to banks rather than individuals, they can affect how mortgage rates move. Buyer demand may begin to dwindle if mortgage rates continue to rise.
Home values may commence falling as a result of this. That’s great for buyers, but not so much for sellers. As a result, if you plan to sell your property in 2023, you should do so soon- within the next couple of months. If you do, you might be able to get your listing up while mortgage rates are still low enough to attract buyers.
Another element to keep in view is that the availability of listings is quite limited, but this may alter in the spring. The spring season is usually the most active time for real estate listings, so if you can get your house on the market before the rush, you may have fewer rivals to lure shoppers.
2- How to Sell a Home – Do not Swing At It On Your Own
Because buyer demand is still high, you could be curious to abstain from hiring a real estate agent and handle the sale of your house yourself. Because real estate agent costs might be high, this isn’t necessarily a terrible option. If you’re selling a $500,000 home and most local agents charge a 5% commission, selling it yourself might save you $25,000 in commission.
At the same time, even in a market where sellers continue to have the upper hand, there are benefits to working with a real estate agent. Not only can an agent aid you with marketing and appraisal of your house competently, but they can also assist you in negotiating with buyers and guiding you through the selling process. Having that support could help you avoid a great deal of anxiety.
Whether you know how to sell a home on your own or with the help of a professional, it’s a good idea to get started as soon as possible. We have no idea what mortgage rates will be in 2023 or when house inventory will increase. However, both may rise in the coming months, so listing your house before spring may be a wise decision.
Interest rates are unlikely to remain at multi-decade lows for much longer. That’s why, whether you’re looking to take on a loan and lower your monthly mortgage payment or you’re ready to buy a new house, acting now is critical. Talk to the professionals.
3- Regentology Connects You to the Best Professionals
Regentology network of experienced and skilled real estate agents can assist you in selling your house as quickly as feasible and for the highest prospective price. Finding the ideal real estate agent isn’t always straightforward. Let us deal with elbow grease and connect you with the best-skilled agent in your region who can meet your needs. All you have to do is complete our quick information form, and we’ll put you in touch with the best real estate agents in your town.