Should I sell my house now or wait: Things to consider

Quick insights

• Assessing your current situation, including your financial health and future plans, is important in determining if it's the right time to sell your home.
• Consider local market trends, as well as factors like your home's condition and potential repairs, when deciding whether to list your property.
• If you're unsure, speaking with a real estate agent can provide insight into current market conditions and help you decide if selling now aligns with your goals.

Deciding whether to sell your house is a big decision that depends on a variety of factors. Maybe you're ready to upgrade to your dream home, downsize to simplify your lifestyle or relocate for a new job opportunity. Whatever the reason, understanding the current trends and housing market can help you make a more confident and informed decision about whether now is the right time to sell.

Understanding the current housing market

Deciding to sell your home involves weighing several factors, from external market conditions to personal circumstances. Here are some of those factors to weigh when determining if it's the right time to sell your house:

• Current market trends: Analyze recent housing data including home prices, buyer demand and inventory levels to understand how favorable selling would be.
• Economic factors: Take into account national and local indicators such as employment trends, interest rates and inflation. These indicators can influence market activity and buyer behavior.
• Financial readiness: Assess your personal financial situation including your equity, outstanding mortgage balance and the potential costs of selling and relocating.
• Life changes: Consider how significant changes in your personal life may impact your decision to sell (job relocation, family needs or lifestyle adjustments).
• Future predictions: Stay informed about expert insights and market forecasts to anticipate shifts that could affect your home's value or the timing of your sale.

When is a good time to sell a house?

Knowing when to sell your home can depend on both market conditions and your personal situation. Here are some pivotal times when it might be a good idea to sell:

• Seller's market: If home prices are high and inventory is low, it's typically a good time to sell because there will likely be more buyers competing for fewer homes.
• Personal life changes: Major life events, such as job relocation, growing family or retirement, may prompt you to sell and find a home that better fits your new needs.
• Home value appreciation: If your home has significantly increased in value since you bought it, selling might allow you to capitalize on that equity.
• Before seasonal slumps: The spring and summer months tend to be prime times for home sales. Logistically speaking, homebuyers often attempt to time their moves during the warmer months, before school starts.

When is a good time to wait?

Whether you might want to wait to sell your home depends on both market conditions and your personal situation. Here are some reasons why waiting might be the better choice:

• Buyer demand is low: If there aren't many buyers in the market, you might struggle to sell at a good price.
• Home prices are dropping: If home values are declining, waiting for the market to recover could get you a better return.
• High interest rates: When mortgage rates are high, fewer buyers can afford homes. This could make selling more difficult.
• Building more equity: If you haven't owned your home for long, waiting a bit longer can help you gain more equity before selling.
• Not financially ready to move: Selling a home comes with costs (agent fees, moving expenses, potential repairs). If your finances aren't in order, waiting could be wiser.
• Life circumstances could change: If you're unsure about your next move (family changes, job relocation, etc.), it may be better to hold off until your plans are clearer. You may not have control over how quickly your home can sell.

Assess your personal situation

Selling a home isn't just a financial decision—it's a personal one, too. Before moving forward, ask yourself:

• Is my current home still meeting my needs? Consider making a list of your needs and wants. Organizing what you want from your home can help you determine whether you're where you want to be.
• What would I gain (or lose) by selling now? Start by looking at your finances and home equity. If you've built up a lot of equity, selling could give you a solid return. However, if you're still paying off a large mortgage, it might be worth waiting.
• Am I prepared for the costs of selling and moving? Consider your home's condition—does it need major repairs? If so, think about the time and cost of selling as you decide whether it's the right time.
• How would selling impact my daily life? Think about your future plans: Are you relocating for employment, expanding your family or just looking for a fresh start? If you're unsure where you'd go next, it may not be the right time to sell.
• Do I feel emotionally ready to leave? Letting go of a home filled with memories can be tough, so make sure you're truly prepared for this transition.

In summary

From fluctuating housing prices to shifting buyer demand, the real estate market is constantly evolving. When it comes to selling your home, timing is difficult. Weighing the financial and personal implications are important. If you plan to buy a new home after the sale, consult with a Home Lending Advisor to explore financing options and ensure you're ready for the next chapter. Professional guidance can help you navigate the process.