Is Now a Good Time to Sell My Home?

Is now the right time to sell? That question is the holy grail for sellers, and answering it is even more important now that the market is shifting away from the crazy sellers’ market of 2020 and 2021. In this blog, I’m going to walk through three important questions you need to answer before you decide whether this is the right time to sell your home.

For the past two years, the housing market has fueled by a pandemic-driven spike in buyers and historically low interest rates. But as interest rates rise the market is shifting and returning to something more like “normal,” whatever that means. You may be wondering if you should sell your home now or wait? Before you decide, you should answer these three essential questions.

What is Your Motivation for Selling?

One of the most important questions you need to answer when deciding when to sell your home is, What is my motivation for selling? Homes aren’t like stocks. Most people don’t sell a home because home prices have gone up or down. Selling your home is generally a lifestyle choice. Do you want more room or less? Do you want to live closer to family or have a shorter commute? Are you looking for more yard or freedom from yard work? 

Identifying your specific reasons for selling your home can help you decide if this is the right time to sell and help you determine what your priorities, selling quickly of getting the best price. It can also help in your search for your next home by clarifying what’s most important to you right now. 

Are You Ready to Sell?

The second important question you need to answer is, Are you ready to sell?

Whether we are in a sellers’ market or a buyers’ market, a home that is good condition and staged to sell will sell more quickly and for more money. But during go-go market of 2020-2021, there was so much competition among buyers that almost any home that didn’t have major structural issues would likely sell fast and for above the asking price.

Since the spring of 2022, the market has started to shift. There is more inventory and fewer buyers. Buyers are becoming choosier. To sell your home quickly and to get the best price, you will need to make sure your home is looking its best.

That may mean repainting, repairing, refreshing inside and out. You don’t necessarily have to spend a lot on pricey upgrades or take on a full remodel, but you do need to evaluate your home with the critical eye of an outsider.

What is Happening in Your Local Housing Market?

Third, and most importantly, before you decide to sell your home, you need to understand what’s happening in your local housing market. Are there more homes on the market for sale? Are homes staying on the market longer? Are seller’s having to reduce the price of their homes to get an offer?

Determining the answer to these questions is going to help you decide where now is the right time to sell your home, and also what you can expect if you do put your home on the market. 

Pro Tip: Avoid This Pricing Mistake

Now for my Pro Tip. What’s the number one mistake sellers are making now in this shifting market? Basing the price of their home on outdated information. Especially now, it’s imperative to price your home based on the most up-to-date market data. That means looking home sale data that is no more than 3 months old. You need to know what’s happening in the market now, not six months ago.

Pricing Your Home

Is the party over for home sellers? Did you miss out on the opportunity to get the best price for your home? Check out my next video in this series, Pricing Your Home to Get Offers.

J Trout Lowen is a Minneapolis-based Realtor® and an expert at helping buyers and sellers successfully navigate the Twin Cities housing market.

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