Thus far in 2023, homeowners have experienced a different market than they witnessed in the early years of the pandemic with rapidly rising home prices, with higher interest rates since 2022 still tempering demand somewhat. While the latter half of 2023 may see a recession, mortgage interest rates are expected to stabilize and some buyers may be able to return to the market with renewed buying power. Buyers who have been in their homes for at least a few years can expect to see that their property value has grown – though it may look less thrilling than the peaks of 2021. (1)
The big question is – should you sell your home in 2023? Here are the pros and cons of selling your home this year.
The Pros of Selling Your Home in 2023
If you want to sell my house fast in Pensacola this year, you need to consider the pros and cons. Here are the pros;
Housing Prices Are Expected to Rise
When selling your home, you want to sell it fast at the highest price possible to make a profit. But wait, that is not always the case as many market dynamics affect housing prices. The good thing is that in the late spring, there has been an increase in housing prices. And real estate experts anticipate that the prices will continue to rise through the summer.
If prices continue to go up, you will sell your house at the best price, getting the much-needed profit. It is advisable to sell your house in the summer, although there may be more house supply in the market. But you can sell your house to Florida cash home buyers who will buy it fast at a fair price, regardless of its condition.
You Can Sell Your Home ‘As-Is’
Is your home in poor condition? If yes, you may need to fix it before selling it the traditional way. Repairing can be expensive and time-consuming. And time may not be on your side if you want to close the deal in 2023. However, know that you can sell my house fast Pensacola as is to cash home buyers.
You won’t have to repair, deep clean, declutter, or even upgrade your house. You just need to contact one of the best Florida cash home buyers and they will give you a fair cash offer within 24-48 hours. If you accept the offer, you will likely close the deal in a few weeks and get your cash.
Anticipated Increased Market Activity
Many factors may increase housing market activity. First, the mortgage interest rates are expected to stabilize or even reduce. And that may trigger more potential home buyers to get into the market and you will have a high chance of selling your home fast to the highest bidder.
In addition, in spring there has been an increase in housing market activity. Many people are moving out to search for their dream homes. And due to favorable weather in the summer, many potential home buyers will be on the market searching for properties for sale, increasing the chances of selling your house fast. Also, note that cash home buyers are also hunting for better deals and will present offers. At some point, it won’t be a matter of when, but whom to sell to.
Perfect Option If Downsizing or Relocating
If you need to move or relocate, you don’t have to hold onto your house. You should sell the house to get money to purchase a new one in the area you are moving to. At this time, the house prices are really good, and you should not hesitate to sell. Alternatively, if you are downsizing, this is the right time to do so. You will sell your big house at a higher price and look for a well-priced smaller house.
If you decide to sell the house the traditional way, it may stay much longer in the market and the housing prices may go down, leaving you with a minimal profit margin. So you should sell my Pensacola house fast to a cash home buyer and the deal will be closed within a few weeks when the prices are still high.
Cons of Selling Your Home in 2023
Here are a few drawbacks that may prevent you from selling your house in 2023;
Heightened Competition
With an increase in housing prices, more sellers are willing to put up their properties on sale. As a result, there will be heightened competition among sellers. Due to the competition, sellers with well-staged homes will likely get the upper hand. In addition, the prices may go down due to the power of demand and supply in the market.
But you can decide to sell my house fast Pensacola Florida in a unique way to avoid the competition. Instead of selling it the traditional way, you can sell it to one of the best Florida cash home buyers. Although the company will look at the prevailing housing market conditions, they will still buy your house as-is quickly. You won’t have to stage and open your house to many potential sellers, saving you money, time, and stress.
It May Not Be Ideal If Upsizing
The cost to purchase a new, bigger house may be unaffordable, especially in a hot market. So if you want to sell a smaller house and buy a bigger one in 2023, think again, particularly if your finances can’t accommodate the type of home you want to buy. So you better hold on to your home for much longer to grow your finances, until you can afford to buy your dream home or when the price of your dream home comes down.
Alternatively, you can sell your small house as is to Florida cash home buyers. Then look for your dream house and get preapproved for a mortgage loan. Use part of the sale proceeds to pay the down payment. But wait until the mortgage interest rates stabilize to save some money.
