The holidays are about to be in full swing; you can already hear holiday music while grocery shopping. And as quickly as they snuck up on us, the spring market will do the same. Although springtime seems so very far away, it really isn’t. And when you consider all that the New Year will bring and the things that you have to do to prepare, time is actually of the essence. These are just a few reasons that starting before the New Year will help you sell your home faster in the spring 2023 market!
The Cost of Living in 2023
Wouldn’t it be great if we had a crystal ball? It would sure make our lives much easier! Although we aren’t really sure what the cost of living will do in 2023, there are forecasts to indicate that we are heading for a slowdown. With fuel prices rising, so are groceries and goods everywhere, which typically means that a recession might be on the way. Now might be the best time to spend money on home renovations or to fix things around the house. If labor costs go up, you’ll be putting more money out after the new year than if you do it now!
Mid-Holidays Small Projects are Easier to Get Done
Contractors get really busy right around Thanksgiving while people are trying to spruce up for entertaining and holiday guests, but right after the holidays are over, people are usually cash-poor and the last thing they want to do is engage in home improvement. If you start to take care of the little jobs before the holidays hit, you will get contractors looking for a little extra during the slowdown, and you also can plan better than when the holiday bills come due in January and there isn’t much to go around.
Money Might Never Be So Cheap
Although money has gotten more expensive to borrow over the past six months, the rates are certainly not nearly as high as they have been during recessions. During the past couple of years, we have enjoyed historically low interest rates, but that is probably never going to happen again – at least not for a long time. If you are going to sell your home and need to make improvements to make it more competitive, consider taking out a home equity loan. When you sell your home in the spring, you can pay it off, and if prices hold in the real estate market, you will certainly do yourself a favor by upgrading to be more competitive for a quicker sale.
Beat the Resolvers
Even if people aren’t thinking about the spring real estate market, the New Year will bring many who will resolve to invest, clean things up, and renovate. If you wait on the sidelines, not only will it be more difficult to find someone to help fix your home up in time; you will probably pay more. Even in the home improvement business, low supply means high demand, and high demand means higher prices. It’s a good idea to get things out of the way rather than to worry about them in the midst of a holiday hangover!
You Might Decide to Stay
If you fix your home up to sell, you might find that you fall in love with it all over again. Often, people put money into making their home look better to list, only to find that they actually love their home and the area and don’t want to move. If you renovate or at least rejuvenate before the spring market, you might find a diamond in the rough and be able to skip time-consuming house hunting before you even start.
The holidays are sneaking up on all of us, and spring will too. If you are looking to list your home during the 2023 spring market, now is the time to take steps to get it ready. If you sit on the sidelines, you might not be ready to hit the playing field when the spring market rolls around. For more tips about how to get through the listing process with as little stress as possible, check out our Summerville real estate blog today!