The housing market is performing exceptionally. February sales surged 9.5% compared to last year. That too even after the mortgage rates are high. One possible reason might be the inventory of 1.07 million units on the market.
As the buyers have options it is creating a competitive environment. This is great news for the homeowners considering selling. The median home price has reached a record high of $384,500, a 5.7% increase year-over-year.
The current market offers a clear advantage to sellers and can be the best time to sell your house. You can fetch a good price and a quicker sale, list your house now with Houzeo.
Why Should I Sell My House Now?
Here are some factors that explain why it’s a good time to sell your house now:
Seller’s Market
6 months of housing inventory is ideal for a balanced housing market. The current housing inventory will last around 3.2 months only it’s way less than there are buyers. Right now, it might be a good time to sell because of the seller’s market.
Mortgage Rates
While interest rates are higher at 6.88% than they were in recent years, they may not continue to climb. You can potentially take advantage of the seller’s market without worrying about future rate hikes impacting buyers’ affordability.
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Home Equity
Home prices have risen in many areas. By selling now, you can capitalize on the increased value of your home and capture a significant amount of Home equity. This equity can be a great financial resource for a down payment on a new home, investments, or other life goals.
Median Home Price
The median home price reflects the center point of home prices which currently sits at $378,250, 4.5% higher than last year. Knowing the median for your area can give you a realistic idea of what most buyers are paying in this competitive market.
- 🔎 Do you know whats the best time to sell your house?: In 2023 the month of June recored the most house sales.
The decision to sell your house depends on your circumstances. It’s important to weigh the potential benefits of selling in a seller’s market against your own needs. Do some digging to get a specific picture of your local market and home’s value.
3 Ways to Sell Your House
There are multiple ways to sell your house. You can choose any of them according to your comfort. Here are 3 ways to sell your house:
- 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, like Opendoor and Offerpad, purchase hundreds of homes throughout the U.S. Cash buyers make all-cash offers, usually within 24 to 48 hours.
- Hire a Discount Real Estate Broker: Discount real estate brokers offer the services of a traditional broker for a discounted commission. Low-commission real estate agents typically charge between 0.5% to 2% commission to list and sell your home.
Pro Tips to Sell Your House Fast
1. Get on the MLS
Homes listed on the Multiple Listing Service (MLS) sell faster and for 13% more, due to market exposure. We strongly recommend listing with a Flat Fee listing service to sell your house fast for top dollar.
Houzeo offers an affordable flat-fee service at $399 to 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.
Bottom Line
So, there you have it! The perfect time to sell a house depends on different factors. Whether you prioritize speed and convenience or value, ultimately, the best route depends on your unique needs.
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.
» Need More Clarity? Read these exclusive Houzeo reviews and learn why it is one of the best FSBO sites in America.
Frequently Asked Questions
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.
When is the best time to sell a house?
Summers are the best time to sell your house for a better price and profits. Houses sold in the months of May and June usually get higher offer than their asking price.
Is it a sellers market right now?
Yes, it is a selller's market right now. With lesser houses on the market than there are buyers, this is the ideal situation for a seller's market.
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