The Best Time To Sell Your Home

By Bryan David

Bryan David is one of the best REALTORS® serving Ocean Springs, Biloxi, Gulfport and the entire coast. He is a Biloxi native, military veteran and retiree, and a multi-year top-producing agent with hundreds of satisfied clients.

Deciding whether to sell your home now or hold off is a common dilemma among home sellers, especially in a constantly shifting real estate market. But the truth is, your decision should be based on your personal circumstances and an understanding of the current market dynamics. Today, I will explain the key points to help you decide whether to sell your home now or wait:

• Price trends. Home prices have stabilized, and many sellers are reducing prices due to unrealistic initial listings. The market isn’t as hot as it was in 2021 and 2022, and overpricing your home can lead to challenges.

• Inventory levels. The number of homes on the market has increased significantly. A few years ago, there were about 800 homes for sale across the coast, but now there are around 2,000. While it’s still technically a seller’s market, we’re approaching a more balanced or neutral market.

• Interest rates. Rising interest rates are affecting both buyers and sellers. Many potential buyers are staying on the sidelines, and current homeowners are reluctant to sell and lose their low mortgage rates of 2.5% to 3%.

• Builder activity. Big production builders like DSL, D.R. Horton, and Adams Homes are adding a substantial number of homes to the market, which helps address the inventory shortage. Depending on the expert, the country is still short by 1 to 4 million housing units.

• Selling now vs. waiting. In the short term, holding off on selling could mean your home might be worth less if the market declines. However, real estate values tend to increase over long periods (5, 10, 20 years). If you wait a year or two, the market downturn could affect your home’s value negatively.

• Equity considerations. Assess your home equity. If you’ve owned your home for less than two years, you might face capital gains taxes unless you meet the two-out-of-five-year rule. New homeowners, especially those who used VA loans with no money down, might not have significant gains to worry about.

• Financial goals. Your personal financial goals play a crucial role in deciding whether to sell. Consider consulting with a CPA or tax professional to understand the tax implications of selling your home.

Deciding whether to sell your home now or wait is complex and depends on various factors, including market conditions, your financial situation, and future plans. If you’re considering selling, reach out for a strategy session to evaluate your options. We can discuss market trends, your home’s value, and potential future changes. Just call (228) 215-1861. I look forward to hearing from you!