December 20, 2022

Yes, 2023 Will Still be a Good Time to Sell Your House in Virginia

Deciding whether you should sell your home or wait always deserves careful attention. There are a number of factors that influence this decision – some are in your control and others are not. For example, people are motivated to sell their homes when they know they can get a good offer, which is driven by high demand and low inventory. 

But even if the market is in favor of buyers, you may still have no choice but to sell due to a new job or family illness. In this case, you’ll want to research your options and sell your property in the most convenient and economical way, whether it’s listing with an agent, selling on your own or working with a cash buyer in Virginia. 

The good news is that no matter what you are facing in 2023, it will still be a good time to sell. There are predictions for a housing crash and economic recession, but people are still upsizing, downsizing and relocating. Here are three good reasons why 2023 will be a good time to sell. 

Demand Far Exceeds Supply 

In October, there were over 25,000 homes available in Virginia, down 24 percent year over year. This means that there are still less homes on the market compared to other years. There are also plenty of buyers looking for homes to buy, so if you have a desirable property, you should have no trouble selling it. You may even get several bids, driving up the price! 

However, if your house is not in the best condition, you could have trouble selling it. Even though there are more buyers than houses, people still prefer homes in good condition. A property that requires extensive repairs and updates will have to be sold at a deeply discounted price. In this case, you’re probably better off selling to a cash investor.

Interest Rates are Still Low

Yes, interest rates are still much higher than what we’ve seen in recent years, but they are still lower than the 7.76 percent average. Rates for a 30-year fixed mortgage are around 6 percent, and slightly less for a 15-year fixed rate. While these interest rates have pushed some people out of the housing market, they are not high enough to keep serious buyers out. 

Not to mention, there’s a possibility that interest rates can continue climbing. In 1981, for example, interest rates were a whopping 16.63 percent, according to Freddie Mac data. For those who are looking to buy, today’s interest rates are still reasonable. 

Appreciation is Still Growing 

The first quarter of 2022 brought double-digit appreciation to home values. While the rate of appreciation is expected to slow at the end of the year and into 2023, it’s not expected to reverse, and that’s a good thing. This means that you can sell your house in Virginia for more money, and walk away with more in your pocket even after paying all your fees! 

Of course, if you want to avoid paying realtor commissions, listing fees, staging costs, etc., you can sell your house for cash! There are absolutely no fees associated with this type of sale, which means you get to keep your full cash offer! 

These are three great reasons why selling your house in 2023 will still be worthwhile. The market may not be as competitive as it was earlier this year, but that doesn’t mean it’s not a good time to sell. The key is choosing the best method to sell and finding the right buyer. Fortunately, you can do both with 4 Brothers Buy Houses. Request your free cash offer today!