Need to sell your house in Temple in 2023? The housing market is still feeling the effects of rising interest rates and high inflation that began in 2022. On top of that, many home buyers and sellers fear the possibility of a recession.
This economic uncertainty is causing many home sellers to wonder whether they should enter or avoid the market.
In this post, our realtors at Your Home Sold Guaranteed Realty - The Salas Team will discuss the Temple housing market conditions and whether 2023 is a good time to sell. We’ll also cover a few strategies to help you sell for top dollar.
What’s The Temple Housing Market Like in 2023?
Currently, the housing market in Temple is experiencing lower home prices and reduced demand. Homes are also remaining on the market longer.
In early 2023, the median home price was down almost four percent from 2022, at $269,450. While this is a decrease from its peak in May 2022, it’s actually an increase compared to median home prices in 2020 and 2021.
The market is also experiencing less demand. On average, 2.9% fewer homes are being sold. The ones that did sell spent over 60 days on the market. This represents a substantial increase compared to July 2022, when homes spent an average of ten days on the market.
On top of that, there was a fifty percent increase in the number of homes for sale since January 2023, which means inventory is high.
In addition, fewer homes are selling above their asking prices. However, the majority of homes sell at or close to their asking prices.
While the market is generally still competitive, it leans heavily towards being a buyer’s market. This means that buyers have a larger selection of inventory and may have the upper hand when it comes to negotiations.
Should You Sell Your House in Temple in 2023?
Overall, the Temple housing market isn’t experiencing ideal conditions for home sellers. Of course, it’s impossible to predict where the market is headed. While some real estate experts think home prices will continue to drop, others think we’ll start to see them rise.
Similarly, some economists think interest rates will reach a plateau and potentially decrease, allowing more home buyers back into the market. Others are certain we’re headed for a recession at some point in 2023.
So, does this mean you should wait to sell your house in Temple in 2023? Ultimately, the answer will depend on your unique circumstances and the risks you’re willing to take.
If you’re also planning on buying a home, it might be better to wait to sell since you’ll be facing the same interest rates as other buyers.
On the other hand, it’s typically better to sell before a recession occurs and causes demand to fall. If you’re worried about the possibility of a recession, you’ll need to work with a qualified realtor. Realtors are deeply familiar with the historical market patterns in your area and can help you time the market.
If you aren’t as concerned about high interest rates, then you might consider selling before home prices potentially get lower. Again, a realtor can help you make this decision.
Of course, some home sellers don’t have a choice about whether or not to sell. If you can’t avoid selling your home, there are several steps you can take to sell it fast and for top dollar.
3 Tips For Selling a House in a Down Market
Hire an Experienced Realtor
If you want to sell your house in Temple fast and for top dollar, the first step is hiring an experienced realtor. A realtor with years of experience in the market will know exactly what to do to help you get through a difficult housing market.
They have access to the most up-to-date housing market information, and can help you price your home reasonably. These skills are especially important when home prices can change daily.
Make Your Home Move-in Ready
Home buyers’ wallets will be stretched thin already, so they won’t want to worry about having to make repairs to their new home.
For this reason, most home buyers generally prefer paying more in exchange for a move-in ready home. Hire general contractors to take care of basic repairs, and professional cleaners and landscapers to tidy up your home’s appearance.
Then, consider upgrading your home to make it more attractive and modern. For example, replacing outdated appliances or revamping hardware and lighting fixtures.
Once your home is in good shape, you’ll need to hire a professional home stager to maximize its best features.
Create a Pricing Strategy
The first week is often crucial in terms of the success of your home sale. Pricing slightly higher than market value in the hopes you can make a little more profit can be a huge risk. The longer your home spends on the market, the less likely buyers will be willing to pay the asking price.
When this happens, you have to reduce the price. In the worst-case scenario, you may have to relist the home. To avoid a prolonged home sale, be sure to follow your realtor’s advice about how to set your listing price.
In addition, consider including seller concessions to attract home buyers and gain an edge over other listings. For example, offering to cover their closing costs or paying property taxes through the end of the year.
Sell Your House in Temple in 2023 With Our Real Estate Team
If you want to sell your house in Temple in 2023, Your Home Sold Guaranteed Realty - The Salas Team should be at the top of your list. We’re the best realtors in Temple for a reason.
We’ve been serving the area for years and have navigated down markets before. We always get our clients’ homes to sell fast and for top dollar.
In fact, we go a step further than other realtors by guaranteeing the sale of your home. With our Guaranteed Sale Program, your home will sell within your desired time frame, no matter what. If it doesn’t sell to a home buyer, our team will buy it ourselves for an agreed-upon price.
This guarantee is essential when you’re selling in a challenging market. It acts as an insurance policy, giving you a risk-free home-selling experience.To learn about our other seller guarantees or what it’s like working with our team, give us a call at 855-331-7653. You can also fill out the form below for more information.