Should I Sell My House Now? Expert Advice and Market Insights

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• Sky-high mortgage rates have many homeowners wondering whether it's better to wait to sell their homes.
• Because inventory is so tight, those who sell now can still earn a fair profit on their homes.
• Do research on your local market and work with an experienced real estate agent to maximize your profits.

U.S. homeowners are in an awkward spot right now. Many purchased or refinanced their homes when mortgage rates hit historic lows in 2020 and 2021, and now that rates have shot up, they can't buy a new home without taking on a rate that's more than double what they're currently paying.

Even though there aren't many incentives for homeowners to list their homes right now, some still are. But is that wise? Here's what you need to know to decide.

Understanding the current housing market

The one thing we heard over and over from the real estate agents we talked to was that the decision to sell should be made based on your needs, not what the market is doing. But if you have some flexibility in your current situation, you might be wondering how to time things so you get the best deal. To understand that, you first need to know your market.

Market trends and data analysis

To get a better idea of whether you should sell now, get familiar with your local housing market. Check out what homes are selling for in your neighborhood, and talk to a real estate agent about how much you could possibly get for your home.

If homes like yours are sitting on the market for months or there are no available homes in your price range, you might be forced to wait it out. If, on the other hand, homes like yours are selling well and for top dollar, selling now might be smart. Again, a real estate agent can give you insight into this data.

Personal and financial considerations

Selling a home is a big move, so you should only do it if it makes sense for your finances.

Assessing your financial situation

Look at your financial situation and determine what selling would mean for you. Would the proceeds give you the funds you need to buy a bigger home, move to a different city, or achieve some other goal? Do you need a smaller monthly payment and want to downsize or switch to renting instead?

You should also look at your employment. If you think your job or income could change soon, it may be better to wait it out and see how that impacts your finances.

Personal life changes

Sometimes, selling a house is simply necessary due to changes in your life. Maybe you're divorcing your spouse or you've added more family members, and there's no longer enough space. If that happens, selling a home may be a smart move, regardless of what market conditions look like.

Timing the market: When is the best time to sell?

The best time to sell a house depends on your local market, but generally speaking, you'll find the following are true.

Seasonal trends in real estate

Typically, spring and summer are the hottest times to buy real estate. In fact, according to ATTOM Data Solutions, the best days to sell — when you'll get the highest price premiums — are in February, March, and May.

Fall and winter tend to be less busy seasons for real estate, so you'll likely get less for your homes during these times.

Impact of economic conditions

Economic conditions can factor in, too. If there are lots of job losses in your area, for example, there may not be many buyers on the market, and home prices could fall. On the other hand, if there are new businesses moving in and more people moving to the area, it could mean the opposite. Inflation, income trends, and other economic factors matter, too.

Benefits and drawbacks of selling now

Selling now might mean higher interest rates if you buy a new property, but there are perks too. Here are the pros and cons to consider.

Advantages of selling in a seller's market

Regardless of high rates, it's still a seller's market. There aren't enough homes for sale to meet demand, which keeps home prices high and makes it relatively easy to sell a home in most places.

Unless your home is in disrepair or there are challenging conditions in your specific market, you should be able to expect a quick and lucrative sale. There may even be bidding wars if your market is particularly hot.

Potential risks and challenges

The big risk of selling now is that, if you're buying a new home, you would likely get a much higher interest rate when you do. You also may pay a premium for the new property, as inventory is low in most parts of the country.

If you purchased or refinanced fairly recently, selling too early can be expensive, especially if you haven't built up much equity in the home yet. You should also avoid selling if you're underwater on your mortgage , which happens when you owe more than what your home is worth.

Preparing your house for sale

If you decide to sell your house, you'll need to take a few steps to ensure it sells successfully and for a good price. Here's how to prepare a house for sale:

Steps to increase your home's value

To increase your home's value before selling it, make any obvious and necessary repairs. You can also update your curb appeal by planting flowers, repaint the front door or shutters, and spruce up your front porch. Staging your home, which we'll go into below, can also help.

Staging and marketing your home

Staging your home — particularly important rooms like the kitchen and living area — can make your home more marketable and increase its value. In fact, according to the National Association of Realtors, over a third of real estate agents say a staged home sees offers anywhere from 1 to 10% higher.

Alternative options to selling now

If you're not sold on selling just yet, there are other options you can explore. These include:

Renting out your property

Keeping your home and renting it out is one strategy to explore. This would provide steady monthly income and allow you to wait to sell until market conditions improve.

The downside to this is that it may make it harder to get a mortgage on another house. You will also need to manage the tenants and property.

Home equity loans and refinancing

You can also choose to take out a home equity loan or cash-out refinance . You could use the funds from the loan to add onto your home or make improvements, rather than selling and buying a new property.

Frequently asked questions about selling your house

What factors should I consider before selling my house?

You should consider local market conditions, your financial and personal needs, and larger economic conditions before you sell your house. Talk to a real estate agent in your area for personalized guidance.

How can I determine the best time to sell my house?

To determine the best time to sell your house, look at local market trends, economic forecasts, and seasonal patterns. Generally, spring and summer are the hottest time to buy a house and will fetch you the highest selling prices.

What are the costs of selling a house?

The costs of selling a house include real estate agent fees, closing costs, repairs, and moving expenses. You may also pay to stage your home.

How can I increase the value of my house before selling?

To increase your home's value, work on improving its curb appeal, make any necessary repairs, and stage your home. These can all make a home more marketable.

Is it better to sell my house or rent it out?

Renting can provide steady income, but selling might be better for immediate financial needs. Keep in mind that with renting, you will need to manage the property and tenants, too. Talk to a real estate agent about the local rental market when weighing renting vs. selling property.

How do economic conditions affect the housing market?

The impact of economic conditions on real estate can be huge. Economic conditions can affect buyer demand, interest rates, and property values, among other factors. Inflation can play a role in housing conditions as well.

Should I sell my house in a buyer's market?

Selling in a buyer's market can be challenging, and it could mean getting less for your home than you could at other points in time. Talk to a real estate agent and weigh the pros and cons carefully before doing this.