Yes, now is the right time to sell your house. 412,280 homes were sold in September 2023, suggesting a solid market. Additionally, new listings rose by 0.3% in October, the first time since July 2022.
However, the housing market continues to face new challenges. Mortgage rates remain elevated at nearly 8%. And Fannie Mae predicts that these rates may go even higher in 2024.
Given the circ*mstances, some sellers believe mortgage rates won’t decrease any time soon. Others worry that if they wait too long, the prices might go down. So, list your house for sale now to sell it faster and get the best price.
Why Should I Sell My House Now?
The current real estate market is favorable for sellers. The share of homes sold above the list price is 29.8%. This means you can get the perfect price for your home.
Here are some reasons why you should consider selling your home now.
Low Inventory
The National Association of Realtorspredicts a low housing inventorythroughout 2023.
This is a sign you should sell your home because it means homes are in high demand. You’ll have more power to negotiate a better deal.
Possible Decline in Home Prices in the Future
Experts have predicted that the real estate market will experience a slowdown in the next five years. The cost of homes will somewhat decrease further.
If you wait and the market falls, you are likely to sell your home for less than its present value. You can potentially make a profit by selling now.
It’s Still a Seller’s Market
A consistent pattern of low months’ supply suggests a seller’s market. There are buyers eager to buy a house right now. This is an excellent opportunity.
Get in touch with a real estate agent and ensure that your house is rightly priced. You will possibly get a lot of offers. You have the chance to optimise your profits.
Avoid the Risks of a Potential Market Turndown – Watch this to learn more!
What if You Are Unable to Sell Now?
Certain life circ*mstances may prevent you from selling your house right now. Here are some factors to help you make an informed decision.
- Rising Mortgage Rates: Experts predict that mortgage rates will rise in the first half of 2024. The market might see a decline in the number of home buyers.
- Home Prices: Home prices are high and will most likely rise further or remain stable. The median home price will remain elevated in 2024. However, experts have predicted that prices will increase at a slower rate.
- 2024 Will Be Competitive: Even while 2024 is building up to be a seller’s market, it will remain fiercely competitive. The market might be a little crowded. You might struggle to make your house stand out or secure the best deals.
- 🔎 What if There Is a Recession?: With a 56% chance of a recession in the next 12 months, you might have to settle down for much less. Your property might take longer to sell.
Three Ways to Sell Your Home
Let’s explore some ways to sell your home.
- Sell For Sale By Owner:FSBO websites will help you list and sell a house by owner and save thousands in listing agent commissions. Many FSBO websites will also list you on the MLS and help you with FSBO paperwork.
- Sell to iBuyers/Cash Home Buyers:iBuyers, likeOpendoorand Offerpad, purchase hundreds of homes throughout the U.S.Cash buyersmake all-cash offers, usually within 24 to 48 hours.
- Hire a Discount Real Estate Broker:Discount real estate brokersoffer the services of a traditional broker for a discounted commission. Low-commission real estate agentstypically charge between 0.5% to 2% commission to list and sell your home.
Pro Tips to Sell Your House Fast
You understand why one should sell immediately, but let’s look at how to sell your house faster.
1. Get on the MLS
Homes listed on the Multiple Listing Service (MLS) sell faster and for 13% more. We strongly recommend listing with a Flat Fee listing service tosell your house fastfor top dollar.
Houzeo offers an affordable flat-fee service at$399to get your property listed. This listing will be live on the MLS in 24 hours.
2. Set a Competitive Price
You need to price your home appropriately to attract offers. You can take advantage of tools like real estate comps and CMA.
In a seller’s market, you can price your home 10% more than the comparables. Low inventory means more buyers are competing for fewer homes.
3. Click Professional Photos
Real estate photography can positively impact the home-selling process by attracting more buyers. According to a study, homes photographed professionally sell 32% faster.
Hire professional real estate photographers to create an appealing portfolio. Great photos attract more buyer interest. That can significantly reduce your days-on-market.
4. Offer a Competitive Buyer Agent Commission
Talk to a local real estate broker to see what commission they recommend you offer the buyer agent.
Most sellers offer a 2.5% commission to buyer agents, but setting it as high as 3% or 4% may help you sell your house fast.
Bottom Line
Selling your house now in the current real estate market offers some advantages. Increasing home prices, low inventory, and high demands make it the perfect time to get the best deal for your home.
A flat fee company like Houzeo can get you on the MLS in 24 hours without a real estate agent. At just $399, you can access advanced tools available to only real estate agents.
What is Houzeo?
An overview of what the platform is all about
Start Your MLS Listing NOW!
» Need More Clarity? Read these exclusive Houzeo reviews and learn why it is one of the best FSBO sites in America.
Frequently Asked Questions
Should I sell my house now or wait until 2024?
Selling your house now will be a wise move as the current housing market is in high demand with low supply.
What is the fastest way to sell my house?
The fastest way to sell is by listing your house on the MLS. An MLS listing via Houzeo will get you maximum exposure to home buyers, including cash buyers.
Is it a good time to sell a house?
Yes. Now is the right time to sell a house. With low inventory, there is high demand in the housing market.
Seller Selling a House Should I Sell My House Now
