Now that we’re full swing in 2023, the housing market is predicted to experience a year full of high demand and rising home prices. With an initial drop-in housing market activity last spring, due to closed businesses and stay-at-home orders, real estate buying and selling is rebounding fast.
The market is experiencing a noticeable increase in buyers, with a lesser supply of homes in many parts of the United States. As a result, housing prices are rising and it’s a seller’s market. Take advantage of the current demand and list your home for sale this year, and maybe even make some money out of it too.
1. It’s Time to Upgrade or Downgrade
One of the simplest reasons to sell your home in 2023 is a basic need to move due to family reasons. Whether the need to move is due to a child going off to college, or maybe you’re expecting a new addition to the family soon. Regardless, the current market conditions will assist you in selling your home fast and for an excellent value. For example, if you recently lost your job, selling your home may help you get out of your mortgage fast and relocate to a different location. A well-priced home, or a home that establishes a price on par with market value, will sell quickly if the housing market’s overall inventory remains low. With such a robust housing market, now is the perfect time to move quickly.
2. Low Interest Rates
The pandemic has had a noticeable impact on mortgage interest rates. Rates have seen record lows since the pandemic began and are set to continue dropping through 2023. Low rates equal affordable mortgages. Once you sell your home, current market conditions will not only allow you to take advantage of high buyer demand, but also allow you to secure a low interest rate for your next property or properties.
3. Starter Home
If you live in an area where home prices are climbing and bidding wars are commonplace, homes at entry-level prices are likely to see increased buyer activity through the rest of 2023. If you’re a first-time homebuyer and are interested in moving on to your first purchased home, current market conditions favor your ability to sell quickly and for a higher-than-normal price. Secure a healthy sale price for your starter home and move on to your next abode.
4. Millennials Flooding the Market
Wanting to take advantage of historically low mortgage interest rates, millennials are currently flooding the housing market. With a significant number of millennials hitting their 30’s, the generation is now seeking properties across the country. Listing your home in 2023 allows you to sell to a larger buying audience. A larger audience equals more intense bidding wars and will, ultimately, result in a higher sale price for you.
With such a high level of demand there currently isn’t enough homes on the market. You might be one of the only homes listed for sale in your neighborhood, resulting in a quick slew of offers, often at even higher prices than what you originally ask for. If you’re thinking of selling your home in 2023 don’t wait. List earlier in the year, rather than later to get as much buyer attention as possible.
It is no secret that the current housing market favors sellers. The pandemic had a significant impact on the country’s finances and has caused a low supply of homes for sale in every state. If you’re thinking about selling your home in 2023 now is the time to list. With historically low mortgage interest rates and millennials flooding the market, you can secure the best possible sale price for your home.