Are you thinking about selling your house in 2024? Whether it’s because of a job transfer, wanting to downsize or upgrade, or simply getting tired of living in the same place, there are several factors you need to consider before putting your house on the market.
You might be thinking, ‘Should I sell my house now or wait until 2025?’ or ‘Is this a good time to sell a house?’ – both are valid questions we will explore further in this article.
Market Conditions
First, you should look at the current real estate market conditions. Is it a buyer’s market or a seller’s market?
During a buyer’s market, the number of homes for sale exceeds the number of buyers, granting buyers greater bargaining leverage and the potential for price reductions. This can be caused by economic recession, a dwindling job market, demographic shifts and increased construction.
Conversely, a seller’s market has more buyers than homes for sale, leading to bidding wars and higher selling prices. Such a market is characterized by low-interest rates, strong economic growth and high employment rates.
How do you determine the market conditions? You can start by looking at your area’s housing market reports and existing home sales data to get an idea of where the market is heading.
Economic Health
A healthy economy with low unemployment rates, growing wages, and increasing consumer confidence usually leads to a vibrant housing market. Buyers are more likely to have stable jobs and can afford a house, so demand for homes will be high, and you could get a good price for your house.
On the other hand, economic recessions can delay home-buying decisions and impact the housing market negatively.
Bankrate’s latest Economic Indicator Survey suggests a 46% chance of the American economy entering a recession by September 2024 – something to consider if you plan to sell your house this year.
Mortgage Interest Rates
Low-interest rates attract more buyers, leading to a seller’s market and potentially driving up prices. However, high interest rates might discourage buyers from purchasing homes, resulting in a buyer’s market with lower selling prices.
Following a sharp increase of 7.79% in October 2023, mortgage rates are at historic lows, and experts believe they’ll continue to decrease in 2024. The exact timing and extent of the drop will depend on inflation and the Federal Reserve’s decision to cut the federal funds rate.
Still, this is good news for sellers as it can attract more buyers and potentially increase your home’s selling price.
Election Year Uncertainty
The year 2024 is a presidential election, which might bring uncertainty and volatility to the housing market as buyers and sellers may choose to wait until after the election to make big decisions.
When election results are unpredictable, people become hesitant due to the uncertainty of how the new regime’s housing policy and regulation changes will affect the economy, taxes, and the stock market.
Ultimately, the answer to ‘Should I sell my house now or wait until 2025?’ depends on your circumstances and the state of the housing market in your area. It’s always wise to seek professional advice for your specific situation.
What to Do If You Decide to Sell Your House in 2024
If, after going through all the factors mentioned above, you decide that you want to sell your house in 2024, here are some tips to help you get started:
- Price your house appropriately: Look at market conditions and comparable homes in your area, and consult a real estate professional to determine the right listing price for your home.
- Prepare your house for sale: A well-maintained home makes a big difference in getting a good price. Make necessary repairs, declutter and stage your home to make it more appealing to potential buyers.
- Invest in high-quality listing photos: A good first impression is crucial in attracting buyers. Invest in professional photographs to showcase your home’s best features and make it stand out from other listings.
- Effectively market your house: Work with a reputable real estate agent to sell your home on various platforms, such as online listings and social media, to reach a wider audience of potential buyers.
- Hire a professional: Housing experts can help you answer questions like ‘Should I sell my house now or wait until 2025?’ or ‘When is the best time to sell a house in 2024?’, negotiate offers on your behalf, and ensure a smooth closing process.
- Meet Disclosure Obligations: In most states, sellers must provide potential buyers with a property disclosure statement. This document lists any known issues and defects of the property, protecting you and the buyer during the sale.
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We give honest advice for questions like ‘Should I sell my house now?’ and offer a fair cash offer for your house in as-is condition, with no commissions or fees paid by you. Sell your home quickly with our fast closing process; no appraisals or financing contingencies are necessary!Contact us today to get a fair cash offer for your home.