Are you struggling with the best timeline to sell your home in 2023? If you ended 2022 on the wrong foot, you want the first quarter of your year to be the best ever. That is why we have researched for you so that the sale process will be seamless and stress-free.
Understanding the local market conditions, working with reputable realtors, and performing research can help homeowners determine the best time to sell their houses for the most significant return on investment.
Let’s check out the top times to sell a home, how a housing market bubble affects the sale price, and what happens if you don’t sell your house this year.
Is It a Good Time to Sell a House?
The big question that homeowners have applies to the best time to sell a house—when should you get rid of your property?
The first step in determining when to sell your house is analyzing the current housing market trends. In April 2023, the median home sale prices dropped 0.2% compared to the previous year. This sudden drop in housing prices brings an end to a consistent yearly increase.
Furthermore, home sales increased drastically from January to February 2023 but were still lower than at the beginning of 2022. In addition, mortgage rates have declined to just 6.32% for the end of March.
As the price of homes peters off and the number of housing sales increases, this does not mean that is the best time to sell a house. Experts in the industry still suggest tackling the change with caution.
As we look forward to April 2023, the housing market will fluctuate. After the 2008 housing and financial crash that threw the country into despair, the real estate market has continued to revive itself. However, the stock of usable and livable houses is much lower than in previous years or decades.
Despite this negative outlook, there are some positive signs of life moving forward into the middle of 2023. Construction starts on single-family homes increased by nearly 10% at the beginning of the year, with single-family home applications rising almost 14% from the previous month.
In short, it is a seller’s market—but only in a few instances. If you are selling an affordable home, it might be a good time to sell it. For those who are looking to buy property, it is a good market for high-end buyers. This is due to the low availability and low inventory in the country.
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Is There a Housing Market Bubble?
A housing bubble is a time of rapid growth in the price and home value of properties. The housing bubble was apparent in United States realtor markets until the middle of 2022. The average home price was more than 2x what it was pre-Covid, which carried over for over two years since the pandemic began.
However, now in the middle of 2023, the bubble has subsided. The housing bubble continued into the beginning of the year but has declined consistently over the last few months at the beginning of this year. The median home price is 2% lower than last year, showing minor decreases that can lead to a better housing market for buyers.
Keeping this in mind, homeowners and buyers need to note that just because the U.S. is coming out of a bubble, it doesn’t mean this will immediately spur a growing housing bubble. The country must still recover from the 2008 crash and the inflated Covid prices while balancing the growing buyer demand.
As you can see, there are numerous factors to consider when it comes to home selling. We buy houses New York City residents love, and can provide foolproof advice to get the biggest ROI!
Should I Sell My House Now?
Do you need to sell a house fast in Long Island? There are a few things to keep in mind if you are debating selling your house in the current realty market.
The first thing to consider is to find a reputable, trustworthy, and local agent who knows the area and the pricing. The last thing you want is to work with someone who is inexperienced or unable to provide a comprehensive market analysis. There are certain tips and tricks for selling your home in a declining market.
Find a real estate agent who can work closely with you and understand your needs. Tell them what you are looking for, the asking price, and the special features of your home to highlight.
A professional real estate agent will be able to collaborate with you, answer questions from potential buyers, and find prospective clients who will be interested in a home purchase.
Secondly, make sure you present your home in an accurate and favorable light. Of course, you know that your home has special features that make it stand out amongst others in the area. But you don’t want to portray your house inaccurately. Your real estate agent can help you take photos, stage the home, and show it accurately to prospective buyers.
Lastly, make sure you stage, clean, and declutter your house. Get rid of personal items that can put off buyers to the clean slate of your home.
Once you do these presale tasks, it might be a good time to sell your house. The prices of homes will continue to decrease as the months go on since the housing bubble is ending. This will create a more favorable buyer’s market and provide less profit for sellers.
What if I Don’t Sell My House in 2023?
If you are trying to sell your home this year, but it doesn’t happen, you might be wondering—what now? What is the best plan of action for an unused property or a house that costs too much for your liking?
There are a few ‘fixes’ that can help you get the most bang for your buck and allow you to move to a new location. If you are wondering how hard to sell a house is in your hometown, there are factors to consider before just giving up!
Firstly, check out your advertising. If you use the same website and are not getting enough hits, this could be more of an issue with the clientele using the platform than your specific home. Work with a reputable real estate agent who knows how to advertise your home and where to broadcast your property for the most action.
Next, consider changing your price. The housing market consistently fluctuates, so choosing a fair price that is comparable with other homes in the area is key. Plus, you may have chosen higher prices that are too high for the home. Be honest about a fair cost for your property.
Another tip that can help you sell your house is to take a break. Listing your home and working with professionals can be stressful. Sometimes, it is best to take a step back and refresh the property. Taking a property off the website can help it seem newer and fresher when you finally re-post it.
Furthermore, you can give your property a little revamp! Take the time you break from advertising to address necessary home improvement. If you have issues, like a tiny kitchen, unusable garage, or old bathroom, consider renovating these areas to make your house more desirable.
Lastly, work with a professional real estate agent with ample experience and success in selling houses that have been on the market for a prolonged period. If your house has been online or on the market for multiple weeks or months, you need a fresh pair of eyes to help figure out what to change.
A top real estate agent from realtor.com or the National Association of Realtors can help you advertise an open house, facilitate bidding wars, and choose the best list price.
Conclusion
Is it a good time to sell a house? This is the question that plagues many homeowners when it comes to getting a worthwhile profit for their beloved property.
The bottom line is that finding a new home can be hard—but understanding when to sell your current property is imperative. Performing a market analysis to see the market trends are key to selling at the right time.
Home sellers need to collaborate with reputable realtors who can provide information on the best time of year to sell a house, the best month, and the benefits of downsizing their property.
Overall, the housing market is slowly increasing for the economy.
Buyers are now able to find more affordable homes, and the Covid increase is declining. This means that homes will be on the market for less. Therefore, now is the best time to sell your house before prices drop even more.