Selecting the right time to sell your home can feel daunting. Are you wondering whether the market conditions are right or if your home needs a little TLC before listing it? Consider these 3 signs that you are ready to sell your home in 2023.
1. Your Home is Not in Need of Repair
Before selling your home or deciding if it's a good time to sell, take a good look at the condition of your home. In order to sell for the price you want, your home should not be in need of any major repairs or updating. Perfectly renovated, turn-key properties are not essential, but there are some home improvement projects that will really pay off.
Your home is ready to sell if:
- The roof is either new or in good condition
- The foundation is free from cracks or damage
- HVAC stystem functions properly
- Plumbing and electrical systems are in good condition
- All repairs and home improvements have been done up to code
2. Your Local Market is Strong
In recent years, just about every local real estate market in the nation has been considered a seller's market. This is defined as a market in which there is less than 3 months of inventory available. While some markets are becoming more balanced as interest rates have gone up, it is still a great time to be selling your home. This is because demand for homes still outpaces supply in the market significantly in nearly every market.
When you know the market is strong and there are many buyers in search of properties just like yours, it's a good time to consider selling. Even if buyers are able to borrow less now than they could a year ago because of shifts in the market, you are likely to find that there are motivated buyers for your home that can make strong offers that will be mutually beneficial.
3. You Have Positive Equity on Your Current Home
The equity you have in your home is calculated by comparing what you owe on your mortgage to what your home is currently worth. In other words, if the fair market value of your home is $300,000 and you owe $200,000 on your mortgage, you have $100,000 in home equity.
When you have positive equity, as the vast majority of American homeowners do in 2023, you are in a great position to sell. This is because your equity can be leveraged in multiple ways to make sure you benefit from the sale. This includes:
- Being able to offer incentives and sellers concessions to your buyers so that you can get the purchase price you want
- Not having to pay anything out of pocket to sell your home
- Having additional cash to use when purchasing your next home, offsetting a higher interest rate by putting more money down, cash-flowing renovations on the new house, or funding the moving expenses
Are you in search of a real estate professional to guide you through the home-selling process in Bend Oregon and surrounding areas? Contact me directly or browse the latest real estate market report to find out what is selling and for how much!