Here are a few perspectives to consider if you're currently on the fence about selling your home this fall:
- Buyer demand has been decreasing as interest rates and inflation have been rising. Right now mortgage applications are 41% lower than they were at the same time last year.
- Even so, inventory in Dane County remains quite low, which is a positive for sellers.
- Interest rates for a 30-year mortgage are at about 7 percent right now, but many people believe they will go higher.
Will the market be better for sellers in early 2023? Not necessarily. Because we don't know what will happen with inflation, interest rates, buyer demand, and inventory next year.
So, if you are thinking of selling your home in the near future...
We recommend that you prepare as if you are going to sell your home immediately. This means completing all of your staging, obtaining all of your photos and video (both interior and exterior while we still have nice color), and preparing all of your marketing materials, too.
Then, you should list your home on the open market and sell it. If for some reason your home doesn't sell within a few weeks, then you can assess your current situation and potentially pause your sale as you prepare for listing again in 2023.
With this approach, you're being proactive and obtaining all of your photos before the snow arrives. This approach gives you control and flexibility, and leaves less up to chance in case the market doesn't cooperate in 2023.
Do you have questions about selling your Madison area home or condo?
We're always available for a conversation, and never with any sales pressure or spin. Contact your Mad City Dream Homes realtor for a consultation that will help you explore all of your options.
