Insightful Information About Selling a Columbus Home in 2023
If you are considering selling your Columbus area home in the next year but have a flexible timeframe because you are not in dire need to move this gives you more freedom to plan out the sale of your home. It also allows you more freedom to strategize if you truly want to sell your home, when to sell your home, and how to market your home.
If you have the freedom of flexibility in selling your Columbus home the best plan is to have a good outlook on the current local real estate market and the projections for real estate in the near future. In many markets across the country there is more of a balance but with a continued low inventory making conditions more favorable towards sellers. Still a big question on many Columbus homeowners' minds when they don't need to immediately sell their homes is if they should list for sale or wait.
Reasons to sell your Columbus home this year and reasons to wait
Why you might want to choose to sell a Columbus home in 2023
Mortgage rates have little effect on your next purchase
Mortgage interest rates have climbed much higher than anyone predicted over the last 12 months. For a significant amount of home buyers this has edged them out of affording homes they would have been able to purchase just a year prior. This has been enough to keep some potential buyers in their current homes but for some buyers, current interest rates do not make a life-changing impact on their ability to purchase their next home. Many homeowners across the country have plenty of equity within their homes to be able to make a sizable down payment and keep their next home purchase affordable.
There's no pressure to get the home sold right now
As mortgage rates have increased and home prices have done the same there has been a drop off in fire competition and interest for homes. Some people speculate that the number of buyers will continue to decline as mortgage rates stay fairly high and home values continue to grow. We are still within a seller's market in many locations but homes are not selling at a record pace in a matter of just a few days like they were about a year ago. It is good for buyers to know that while inventory is low and a seller's market remains that homes are taking a little bit longer to sell.
You truly do need to move eventually
While some homeowners with a flexible home selling schedule are planning a move because they would like a different home some homeowners actually need to move just not at a hurried pace like other homeowners. Maybe you are being proactive with your ability to afford current housing or you have been given notice far in advance of a move for your current job. If you need to sell your home you can still do it successfully in 2023 with the right professional help and the knowledge of needing to shift a selling strategy to fit the current market.
Why you might choose to wait
You are confident in your abilities to sell but not in purchasing
Several Columbus homeowners are in a good place to sell a home especially as we continue to be in the seller's market with low inventory. But if the particular type of property or location that you were hoping to buy looks to be out of your reach it may be better to continue saving up for a better down payment or making steps to improve your credit score to help you have a successful home purchase.
Just purchased or refinanced your home in the last couple of years
Several people across the country took advantage of the most amazing mortgage rates we may ever see in our lifetime over the last couple of years. If this is you and you purchased or refinanced a home it is in your best financial interests to keep plugging along with your current mortgage so that you do not end up losing money.
Additionally, if you were able to lock in at a 3% or less mortgage rate it would not make a tremendous amount of financial sense to take on twice the amount of interest in a brand-new mortgage except for a few rare situations.
If you would like to talk about the possibilities of selling your Columbus home in 2023 we are here and happy to help. We are local expert agents well-versed in all of the current real estate market trends and statistics. We are happy to help you make the best-informed decision about selling your Columbus home.