Sell or Wait in 2023 - How to Determine the Right Moment to List Your Home
Sell or Wait in 2023 - How to Determine the Right Moment to List Your Home
The decision to sell your home is a significant one, and it's crucial to consider the timing. As we progress through 2023, several factors come into play, including the potential for layoffs and high interest rates.
Traditionally, the real estate market is most favorable for sellers in late spring and early summer. However, 2023 presents a unique set of circumstances. As of mid-May, mortgage interest rates have soared to a high of 6.66 percent. This increase has led to more expensive mortgage payments, which could deter potential buyers.
Despite this, the scarcity of housing inventory has maintained a seller's advantage in most markets. The decision to sell your home is not solely based on market dynamics but also hinges on personal circumstances.
According to Fannie Mae's Home Purchase Sentiment Index from April 2023, over 60 percent of respondents believe it's a good time to sell. However, this decision should also take into account your personal and financial situation, particularly in light of potential layoffs and high interest rates.
Another significant consideration is the potential for a recession. Bankrate's first-quarter economic indicator poll suggests a 64 percent chance of a recession in 2023. If a recession is a concern, it might be better to sell sooner rather than later. Recessions often bring layoffs and belt-tightening, which can severely limit the number of qualified buyers.
If you decide to sell, there are several steps you can take to ensure the best possible outcome. These include finding a reputable real estate agent, making necessary repairs, decluttering and staging your home, and enhancing curb appeal.
The decision to sell your home now or in the future is a significant one that requires careful thought. It should take into account your future plans, financial needs, and the current market situation, particularly in light of potential layoffs and high interest rates.
Regardless of the choice you make, one thing is for sure: in these uncertain times, every homeowner needs a living trust. A living trust can provide peace of mind and ensure that your assets are protected and distributed according to your wishes.
For a free consultation, please contact the Law Offices of Omar Zambrano by calling 626-338-5505. They can guide you through the process and answer any questions you may have about establishing a living trust.