Is Now A Good Time To Sell?

Dated: July 3 2023

Views: 4

Selling a home is a major decision that requires careful consideration of many factors with personal need, personal financial considerations and market conditions being three of the most important.

Home Equity rose significantly over the past couple of years, According to CoreLogic, the average U.S. mmortgage holding homeowner now possesses more than $274,000 in equity — up significantly from $182,000 before the pandemic.  Consulting with a real estate agent and having a Current Market Analysis (CMA) done on your home can give you insights into your homes current value.dHaving information about recent sales and listing prices of similar homes in your neighborhood will give you a clearer picture of the potential selling price and market demand for your home.

Low Inventory and High Demand  This combination is one of the main factors driving the current housing market.  In many areas, there is a shortage of available homes for sale, leading to increased competition among buyers.  It also means less competition between similar homes.  These factors are creating favorable conditions for sellers and keeping prices from falling.

Personal Circumstances  Have your needs changed?  Is your home now too big for you?  Has your lifestyle changed?  Are you working from home and/or Homeschooling your children now and need more space?  Are you an emptynester?  All of these things factor into a decision to stay put or sell.  The bottom line here is, does your current home meet the new needs of your family?

Financial Considerations

Consider your current financial situation and whether selling your home aligns with your long-term goals. Analyze the potential profit from the sale, including any transaction costs or fees, and evaluate if it makes sense to sell now or wait for a potentially more favorable market.

Conclusion

Determining whether now is a good time to sell your home depends on several factors. While current market conditions, such as low inventory, high demand, and low-interest rates, suggest a favorable environment for sellers, it is crucial to conduct a local market analysis and consider your personal circumstances. Consulting with a real estate professional can provide valuable insights and guidance based on your specific situation. Ultimately, the decision to sell should align with your financial goals and personal objectives.

Blog author image

Carole Conaghan

Morris, Monmouth and Ocean counties are great places to live and work, which is why my family chose to call them home throughout my life! With roots in Bayonne, NJ, we came to Morris county in 1964 a....

Latest Blog Posts

If I Sell, Where WIll I Go?

Where Will You Go If You Sell? Newly Built Homes Might Be the Answer.Do you want to sell your house, but hesitate because you’re worried you won’t be able to find your next

Read More

To Sell Your Home or Convert it to a Short Term Rental Income Property?

Renting or Selling Your House: What's the Best Move?If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of

Read More

How Remote Work Expands Your Homebuying Horizons

How Remote Work Expands Your Homebuying HorizonsEven as some companies transition back into the office, remote work remains a popular choice for many professionals. So, if you currently enjoy

Read More

Explaining Today’s Mortgage Rates

Explaining Today’s Mortgage RatesIf you’re following mortgage rates because you know they impact your borrowing costs, you may be wondering what the future holds for them.

Read More