Is This A Good Time To Sell Your Home?

No, we are not in a housing bubble akin to the 2008 collapse. That was fueled by inexpensive credit and relaxed lending standards, neither of which exist today.

Yes, the market appears to be shifting, but it's sporadic, and not yet consistent nationwide. Let's take a look at why now may be a good time to sell and why, if you need to sell, you shouldn't wait.

PRICES ARE STILL ON THE RISE

Despite the doom-and-gloom housing market promoted in the media, "...the median sales price for homes in Lee County was up 6.2% in January 2023 compared to January 2022.

Although home price appreciation is slowing, you still have time to get your home sold for more than you would have realized before the hot sellers' market. 

TRUE...BUYER DEMAND IS WANING

In an effort to cool inflation, the Fed has raised interest rates. When this trickles down to the mortgage market, a certain number of homebuyers will no longer be able to afford a home and drop out of the market. If rates continue to rise, more buyers may decide to put their home purchases on hold.

The past two years have been a seller's market and the big question on everyone's mind is: will 2023 favor buyers or sellers more? Although I don't have a crystal ball, I believe affordability issues and economic worries will depress home buyer demand, and inventory of homes available for sale will remain limited so it will be more of a balanced market than tilting one way or the other.