Panic selling is the idea that you need to sell your home as soon as possible for fear of the housing market getting worse soon. Some people looking to sell their homes are wondering if they should participate in panic selling at this moment. Mortgage rates are changing, and inflation is rising, which makes it seem scary to wait; however, there is no need to panic sell at this time. Selling your home might be a good option, but that doesn’t mean you need to sell to the first person who gives you an offer. Let’s discuss the current housing market and how that will determine your next steps when it’s time to sell your Houston home.
Reasons It’s a Good Time to Sell
The housing market for 2022 is moving at a slower pace than in 2021, but nonetheless, it’s still moving. The housing market in 2022 is still a seller’s market. There’s still a low supply of homes, so houses are still selling quickly. Additionally, prices on the houses that are selling right now continue to rise, which increases the amount of equity you can have on your home. Because houses are going so fast, the amount of cash offers coming in is flowing as well because people want to get homes fast.
Reasons to Sell Now
Selling now or ‘panic selling’ is an option for you if you meet any of the following reasons:
- You’re uncomfortable in the home you currently live in.
- You’re able to pay cash for the next home you wish to purchase.
- Your current house needs some work.
- You’re selling a home you inherited or a second home you own.
Reasons Not to Sell Right Now
As we’ve mentioned, panic selling is not necessary right now for a few reasons. One reason being if you’re comfortable in the home you’re in, you don’t NEED to sell it. The housing market isn’t forecasted to plummet for sellers anytime in the near future. If you’ve recently refinanced your home, you don’t need to sell right now either. We also recommend you avoid selling if you can’t afford the current prices of homes, if you haven’t built much equity, and/or you face steep capital gains taxes. You still have time to do things like build equity and save for another home, so don’t rush to sell now if any of these reasons apply to you.
The housing market is flexible right now for sellers. It’s still in a good place for you to sell your Houston home if you want or need to right now, but you’re also in an okay position if you don’t want or need to sell right now. You have the ability and freedom to do what feels right for you and your home. If you need to speak with a professional about whether to sell or not and what the next steps look like for you, contact Flash Realty Solutions today. We can help you determine the next steps for you and your home!