Should I Sell My House Now Or Wait?

“Should I sell my house now? Or wait?” Those are the questions we’re receiving the most from our clients this year! Given the dramatic rise in mortgage rates over the past year, that’s totally understandable. The Houston housing market has been heavily impacted in 2023 by the rise in mortgage rates, causing many homeowners to wonder if now is a good time to sell your home, or if they’d be better off waiting a year or two for interest rates to drop. 

Yes, now is a good time to sell your house! 

The short answer is yes, if you’re interested in selling your home, you should sell your house now. There are a few different reasons why! 

1. Now is a better time to sell your house than later this year.

Typically, homeowners who list their homes in the spring can take advantage of higher buyer demand. In our experience, mid-April is the optimal week to sell a home in Houston. Right now, many economists believe that affordability pressure from rising mortgage rates will continue to curb demand, causing prices to fall in many markets in 2023. So if you’re going to sell, now is probably a better time than later this year!

2. The market could get even worse for home sellers.

High buyer demand and low interest rates and inventory are the ideal combination of factors to spur a hot selling market, like we saw in 2021. Conditions have since evolved! High mortgage rates coupled with recession fears are keeping some prospective homebuyers out of the market. Essentially, the best time to sell has already passed, and the trends show we may be moving toward worsening conditions for home sellers in Houston. Waiting around could end up costing you money!

3. The Federal Funds Rate continues climbing.

Mortgage rates aren’t going down, and actually may go up! That means if you have to sell your house, you should do so now before rates rise again. Something important to remember is once you sell your house, you then have to find someplace new to live. The Fed has signaled that rate hikes will continue, even if they won’t be as steep—and mortgage rates tend to follow the federal funds rate. If you wait to sell, you may find it much harder to buy a new home later!

4. Home values are currently high.

There is good news for homeowners: home values skyrocketed during the course of the pandemic! That means for many, selling now is likely a wise financial decision. Even though house prices in Houston are down from their 2022 peak, most homeowners stand to make a considerable profit if they sell their home, even in today’s market.

5. Housing prices in Houston will likely fall in 2023.

The good news for home buyers is bad news for homeowners: Housing prices will likely start falling in 2023. If a recession takes hold, some experts predict prices could fall as much as 30 percent in overvalued markets, which may include Houston. Even if the worst-case scenario is avoided, you can still expect the market to shift to benefit buyers. If you’re considering selling in the next year, housing market predictions tell us that selling now could allow you to capture a higher price. 

How to Sell Your Houston House Now

The way to get the best price possible for your home is by putting an expert on your side. At Angel Fultz Realty, we specialize in helping sellers in Houston walk away from a home sale with the most money possible. We can advise you on the steps to take to improve your home’s resale value and negotiate with potential buyers to ensure that your home sells for the max price, even in a challenging market. 

Do you have questions about selling your home in Houston? We can help! Please contact us today for answers to your questions about Houston real estate and the home selling process. We are happy to do the hard work so all you have to do is relax and wait for your check!