Should You Sell Your Home Now or Wait?

sell your home

Moving is a major decision. You will need to make a hard decision about whether you want to sell your home immediately or wait. You may be particularly curious about 2022’s 5% and 8% mortgage rates.

While this year is generally considered a good time to sell a home in the U.S., it doesn’t mean that you should panic sell. Let’s look at the current housing market to see what your next steps should be.

It’s still a great time to sell your home in 2022 because:

  • The country is a seller’s marketplace in large parts.
  • Homes are selling quickly despite a low supply.
  • The home prices are on the rise, which is a boom for equity.
  • Cash offers are plentiful.

Sell now if:

  • You are selling a second or inherited property.
  • Cash can be used to purchase your next home.
  • Your current home is uncomfortable.
  • You could do with some renovations to your house.

Wait if:

  • You are happy “chilling” wherever you are.
  • Recently, you refinanced your house.
  • Current housing prices are prohibitive.
  • You don’t have much equity.
  • Capital gains taxes would be imposed on you.
  • You’re not mentally ready to sell.

Favorable selling scenarios

After you’ve reviewed the market’s current state, it’s time to apply that knowledge to your personal situation and needs. These are some situations that could make selling attractive.

You are selling a second or inherited property.

This is the best time to sell a house if you aren’t trying to buy a house. Perhaps you are motivated to sell your rental property or a home you inherited from another state. Your property will likely get lots of attention because there are so few listings. To get your property on the market, connect with a top agent.

Cash can be used to purchase your next home.

Let’s suppose you are moving from one place to another. You can use the proceeds of your sale to buy a property in a more affordable market. Cash is a great option because you don’t have to worry about paying your mortgage rate. You can also take advantage of the high prices and rapid pace of the market.

Your current home is uncomfortable.

People sell their homes primarily for personal reasons. They are moving to be near family and friends. They found a job that allows them remote work. They are expecting a baby, and they have one less bedroom. You shouldn’t let your home get in the way. Sometimes selling is the best choice for you and the family.

You could do with some renovations to your house.

The high competition and the influx of cash buyers make it a good time to sell your house for a premium.

Negotiation leverage is one of the advantages of being in a seller’s marketplace. When there are multiple buyers for your home you might not have to agree to the same level or repair work as you would in a more balanced market.

You can request a cash offer if your home is in need of more than just a cosmetic makeover to sell. Investors are encouraged to increase their inventory.

How to Sell Your Home in 2022

Here are some tips to help you navigate the market and ensure a smooth transaction if you have decided to sell your home in Myrtle Beach now.

Deep clean and purge.

Home-selling 101 is not just for sellers. Spend a few weekends getting organized. Clear out personal photos and remove clutter from floors and surfaces. If you aren’t able to clean the house yourself, hire a professional cleaning service. If your home is full of items you don’t want to take, you can rent a dumpster.

It is important to price it correctly

There is one risk when a hot market for real estate is that your price range will be exceeded. Your real estate agent will perform a comparative marketplace analysis (CMA), which analyzes local comparable sales, or “comps” to determine your home’s value. It is important to adjust dollar values based on the features that increase or decrease value. Poor construction quality, a poor location and a general lack of upgrades are all factors that can affect the home’s appraised value. These issues can affect the value of your home, so be sure to acknowledge them and give credit where it is due.

You should work with a highly-performing agent.

A seller should look for the top 1% and not just go with a friend. A local expert with excellent reviews is essential. Interview at least two to three real estate agents. Ask for a list of properties that they have sold over the past 60 months. Also, inquire about their network connections.

Set up a home office.

About 25% of all professional jobs by 2023 will be remotely based. Today’s buyers are searching for homes that have an office or multiple offices. A bonus room, bedroom or an area of the basement can be staged as a workspace that supports working remotely. If you don’t have an office, keep it simple with a desk, chair and lamp.

Increase curb appeal

Top real estate agents in Myrtle Beach recommend that homeowners make an average investment of $3,467 to improve curb appeal before listing their property. It can be anything from simple lawn care and new mulch to new walkways and exterior paint and upgraded garage doors and front doors. A home with a better curb appeal will attract more people to it in a shorter time period. It also has a higher estimated resale price of nearly $12,000

Prioritize repairs over renovations.

Before you renovate a bathroom that is outdated but still functional, consider repairing the roof.

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Call Full Potential Real Estate, LLC now if you’re looking for a real estate agent who can help sell your home.

Full Potential Real Estate, LLC
Myrtle Beach, SC 29577
843-492-4537
https://fullpotentialrealestate.com