New year, new opportunities! If you have been waiting for a good time to sell a house or make a real estate transition, 2023 might be the time. Often, when we make these big moves, we don’t look into what the market is doing. However, if you want a clearer outlook, we have a few trends to observe. Let’s get into it!
Interest Rates are Stabilizing
With today’s high inflation on everything, you’re probably tired of this trend. Interest rates were very volatile last year, with some loans going all the way up to 8%! Since the start of this year, they seem to be down around 5.5-6.9% and stable. Interest rates might even lower from there, depending on how the market goes. In the end, there’s no way to absolutely know which way it’s going to go, but we can stay tuned!
Homes are Still Selling in 2023
Since home prices and interest rates are still a bit high, buyer demand has gone down. This means if you sell a house, you might have a to wait a bit for offers. Redfin is reporting homes being on the market a median of 37 days. This is more of a trend we saw on the pre-pandemic housing market. House values are also up, which means quality is more sought after. Your location could also be a factor, with “hot” cities still having a much faster sell rate.
Find a Real Estate Expert
Since housing quality is in demand, it’s best to find an experienced real estate agent that can be realistic with you on your expectations. While the high-priced housing trend last year still seems to be holding, many sellers are taking advantage of it with lower quality offerings at high prices.
If you are selling this year, don’t jump on that bandwagon unless you can offer quality. You may just set yourself up for disappointment and a long wait. Hire an agent that will help you price it right. They will also have more knowlege about the housing market be able to keep watch for you.
Check Into Your Location
Just because the national housing market is slowing, doesn’t mean yours is. Check out the housing inventory in your area. If it is low, and demand is high, that’s a great outlook for selling! According to rockethomes.com, the number of homes for sale in Cincinnati is on a downward trend, but they could be just waiting for Spring. Keep an eye out!
Evaluate Your Situation
Unless we have a housing market emergency on the brink (not looking like it), none of these issues will matter as much as your personal ones. There are some situations that will hold more weight, such as relocation for work or life changes. If change is inevitable, the market will not make a difference.
Here are a couple of things to check off, if you are still on the fence:
- Is housing inventory low? According to some reports, it’s still low in Cincinnati, but make sure you monitor it. Springtime is just around the corner and that’s prime time for sellers to pop up! Selling before or after spring might be a strategic move.
- Are mortgage interest rates low? The rates may seem higher than normal, but the current rate is still actually under the long-term average of just under 8%. Let’s hope they stay that way!
- Has your home’s value grown? If you made improvements over the last few years and your neighborhood’s value has increased, it’s time to sell!
- Are you needing more or less space? This is a personal question, but still just as important. If your family is expanding or has flown the coop, it might be time to consider a more adequate space for your situation.
So… Is 2023 a Good Time to Sell a House?
We hope this information has helped set your mind at ease about whether to sell a house this year. All in all, we do not have a crystal ball to help us predict what’s next, but we can research trends and asses our own situations.
Is your mind set on selling in 2023? Be sure to hire an experienced professional who will be focused and ready to assist. Gregg Sutter has 45 years of combined experience as a real estate agent and builder. He also limits his listings, so that he can stay laser-focused on their needs. Contact him today to get started!
