Should I Sell My House Now? Here’s What to Consider Before Making the Decision

If you’re considering selling your house, you’re probably wondering if now is the right time. The decision to sell your home is a significant one, and it’s essential to consider all the factors before making a move.

In this article, we’ll go over what you should consider before selling your home, including the current state of the housing market and your personal financial situation.

Here’s a summary of what you’ll find on this page:

• Is Now the Right Time to Sell Your Home?
• Seven signs that it’s a good idea to sell your house
• Fannie Mae’s Home Purchase Sentiment Index Report (HPSI)
• Should I Sell My House Now in Arizona?

Is Now the Right Time to Sell Your Home?

The current state of the housing market is an essential factor to consider when deciding whether to sell your home. Housing prices in the United States, like any other commodity, are determined by supply and demand. When demand is high and supply is low, prices go up, and vice versa.

The housing market saw an unprecedented surge in 2021, with many people interested in buying homes but not enough homes for sale. However, the supply of houses for sale has improved, with 244,000 more homes up for sale in December 2022 than in December 2021 – a growth of 54.7%. Despite the increase in supply, the number of homes for sale in December 2022 was 38.2% lower than the average from 2017 to 2019.

What does this mean for you? Housing prices are still on the rise, albeit at a slower pace than in 2021. However, market conditions alone should not be the sole basis of your decision to sell your house. Instead, your individual situation should take center stage.

When is the Right Time to Sell Your House?

Here are seven signs that it’s a good idea to sell your house:

Factors	Good Time to Buy	Good Time to Sell
Housing Market Conditions	Buyers market (low demand, high supply)	Sellers market (high demand, low supply)
Personal Financial Situation	When you have saved enough for a down payment and can afford monthly mortgage payments	When you have equity in your home and can make a profit from the sale
Need for a Change	When you’re ready to settle down and stay in one place for a while	When you’re ready for a significant life change
Maintenance Costs	When the house is in good condition and doesn’t require significant repairs	When the cost of repairs is high and the house’s value is decreasing
Outgrown Current Home	When you need more space or a different location	When your current home no longer suits your needs
Housing Prices	When prices are low and stable	When prices are high and predicted to continue rising

Fannie Mae’s Home Purchase Sentiment Index Report (HPSI)

The HPSI is a monthly survey that measures consumers’ attitudes toward the housing market, including buying and selling a home.

According to the latest HPSI report from February 2023, the overall sentiment toward selling a home decreased by 1.5 percentage points to 47%, the lowest level since December 2021. This suggests that fewer consumers are currently considering selling their homes.

The report also states that consumers who believe it is a good time to sell a home decreased by 3 percentage points to 42%, while those who believe it is a bad time to sell increased by 3 percentage points to 47%. This indicates a shift in consumer sentiment toward a more negative view of selling a home.

In summary, the data from the Fannie Mae HPSI report suggests that the current sentiment toward selling a home is decreasing, with fewer consumers considering selling their homes and a more negative view of the timing to sell.

Therefore, it may not be an ideal time to sell a house according to this data. However, it is important to consider other factors, such as personal financial situations and local housing market conditions, before making a decision to sell a home.

Should I Sell My House Now in Arizona?

Here are the latest home sales stats for February 2023 Monthly Sales and February 2023 New Listing Inventory.

Comparing the two charts above, you can see that there has been a definite decline in inventory between June 2022 and December 2022 in the Phoenix Area. More homes are on the market today because of new listings and interest rate increases all year. Buyers are looking for deals now. Home prices are declining in all parts of the Valley but sales remain steady (as shown in the monthly sales graph.

The forecast for home prices: Based on National and local data, I believe that home prices will continue to decline – but not at the same rate as we seen in 2023. Buyers are waiting for interest rates to stabilize this year. My advice to those who wish to sell your home this year is to sell during the summer months (after May). We may have some stormy weather in the Fall.

Selling your home is a significant decision that requires careful consideration. While the state of the housing market is important, it shouldn’t be the sole factor in your decision. Consider your financial situation, long-term plans, and personal goals before deciding to sell.

IS THIS A GOOD TIME TO SELL? CHECK YOUR HOME VALUE HERE

If you’re unsure, consult with a real estate agent who can guide you through the process. By evaluating these signs, you can decide whether selling your home is the right move for you.

Additional Resources Related to the article “Should I Sell My House Now? Here’s What to Consider Before Making the Decision”

• Realtor.com – “Navigating the Housing Market: A Comprehensive Guide for Home Sellers“: https://www.realtor.com/advice/sell/navigating-the-housing-market-a-comprehensive-guide-for-home-sellers/
• Zillow – “Maximizing Your Home’s Value: How to Know When It’s the Right Time to Sell“: https://www.zillow.com/sellers-guide/when-to-sell-your-house/
• Homelight – “The Top 5 Signs It’s Time to Sell Your Home and Move On“: https://www.homelight.com/blog/when-to-sell-your-home/