Two Top Reasons to Consider Selling Your Home in 2023

Are you contemplating selling your house in the upcoming year? While weighing your options, it's crucial to examine the factors driving your desire to relocate. According to a recent survey conducted by realtor.com, homeowners were asked to specify their motivations for selling their houses in the current year. The graphic below outlines the top two reasons identified.

Let's examine these reasons in detail and consider how they may relate to your situation.

1. I Wish to Capitalize on the Current Real Estate Market and Generate Profit

As you contemplate selling your house, the anticipated financial gain from the transaction is likely a significant consideration. Fortunately, recent data suggests that homeowners who decide to sell can expect to receive a substantial return on their investment. ATTOM provides insight into this matter:

“The $112,000 profit on median-priced home sales in 2022 represented a 51.4% return on investment compared to the original purchase price, up from 44.6% last year and from 32.8% in 2020.”

Despite a minor drop in certain regions, housing prices have generally remained considerably higher than they were a few years ago. To ascertain the state of housing prices in your locality and determine the present value of your property, it is recommended to consult a nearby real estate expert. They can offer you the most accurate guidance regarding the potential financial gains of selling your house this year.

2. My Current Residence No Longer Fits My Requirements

On average, a person resides in their home for ten years. This is a substantial period, and significant changes may have occurred in your life since you first moved in. Often, these changes have a direct impact on your housing needs. Whether it's a need for more or less space, specific features, or a location closer to your workplace or loved ones, your present residence may no longer fulfill your expectations of a perfect home. In such cases, it may be worthwhile to seek the assistance of a real estate agent to find a more suitable abode."

Bottom Line

If you are considering putting your house on the market, it is likely for a compelling reason. To ensure that your move aligns with your objectives for the year, it is advisable to consult a nearby real estate expert.