Should I Sell My House Now or Wait?

Deciding when to sell your home is one of the biggest and most challenging decisions a homeowner can face. While there’s no single right answer for everyone, Zillow can provide you with data and insights to help you navigate your housing market so you can figure out the best timing for you.

Understand your local market

Before weighing the pros and cons of selling versus waiting, it’s important to do some research and talk to your agent to understand whether your local housing market favors buyers or sellers. Here’s a quick overview of what the market might look like for you:

• Seller's market: You have the upper hand. Homes tend to sell faster and potentially for more money.
• Buyer's market: You may have less negotiating power as a seller, and you may face slower selling times.
• Neutral market: Conditions are relatively balanced. However, conditions vary drastically by location.

Learn the importance of a real estate agent

One of the most helpful things you can do to navigate the selling process is to partner with a real estate agent. They are the experts who can help you interpret market data, craft a successful selling timeline, and guide you through the logistics, like pricing and getting your house ready to sell.

Zillow has a database where you can browse through local agents, see their reviews, and even filter for their areas of expertise (ex. luxury homes, military or veteran sellers). Or you can connect directly with a Zillow partner agent who offers premium listing experiences.

Reasons to sell your house now

You have life events and personal changes

According to Zillow research, most sellers — 78% — say a major life event such as a change in family size or landing a new job influenced their decision to move. Or perhaps you’re looking to sell your current home to move into a home that better suits your lifestyle, like downsizing from a single-family house to a condo with less maintenance.

Your home has a high resale value

If you bought your home prior to 2020, there’s a good chance you’ve built up equity in your home. Unless you tapped that equity already for a remodel or to pay for college or debts, your share of the ownership could provide you with wiggle room when it comes to negotiating with buyers who are facing some significant affordability challenges. And if you’re also looking to buy your next home, you can tap that equity for a down payment.

Your local competition is heating up

The number of homes for sale remains at historic lows, but it’s been steadily beefing up, especially if you live in one of the nation’s hottest housing markets. This could mean that, in most markets, you won’t have a ton of competition from other sellers right now, but you could have more if you wait. Check your local Market Heat Index and talk to your agent to understand the dynamics for your area.

Mortgage rates are (relatively) low

Current data suggests a strategic opening for sellers. With mortgage rates dipping below 6%, buyers could reevaluate their affordability and decide to finally buy a home.

But mortgage rates are hard to predict. If inflation rises, rates are likely to follow, which could make it harder to sell your home, and would cost more if you’re buying a new one with a mortgage.

Reasons to wait to sell your house

You can’t afford to sell

If you owe more on your home than its worth, you’re going to have to bring money to the table to close the deal — or get permission from your lender to sell it for less than you owe (called a “short sale.”). In that case, it might benefit you to wait until you build more equity. When a homeowner owes more than their home is worth, they are said to be “underwater” or have “negative equity.”

You’re having relocation challenges

Given the variability of local market conditions, it may be easy for you to sell, but tough to find an affordable home in the area you want to move. Or maybe you want a larger home to fit your changing needs. In that case, you may want to wait until you’ve saved more for a down payment on your next home, or wait for home prices to go down.

Your home has unfinished projects

Unfinished projects or necessary repairs might take some time and investment before selling. If you don’t have the skills, the time, or the money to tackle them, you may have a harder time selling your home — and you could make less money than if the house was move-in ready.

In most states, you’ll be required to disclose known issues in your home, including structural issues, past water damage, or lead paint. Big problems can scare away buyers. If timing is an issue, talk to your agent or real estate attorney to know what you’re legally required to disclose to buyers.

You don’t have a selling plan

It takes time and work to sell a house. The entire home-selling process can take more than 60 days. Plus, it involves moving, fixing up your home, and staging it properly for prospective buyers who want to see it in person. If you’ve got a lot of other things you’re balancing — like work and family — you can’t drop it all to focus on preparing to sell.

On top of prepping, you also have to keep your home clean and ready to show while you’re living there. That can be a challenge — especially when buyers ask for showings at inconvenient times. If you have children and pets, it can be stressful to vacate for those showings on short notice.

Only a small number of buyers purchase a home without stepping inside it first, so you should think about whether you have the bandwidth.

You’re in a buyer's market

While nationwide we’re in a neutral market, your local market conditions may not favor sellers, making it harder to sell for the price you want. You might also be fielding offers that ask for seller concessions, such as paying closing costs or setting aside money for the buyer to pay for needed repairs. 

Timing your listing

Whenever possible, considering the best time of year to list can still give you a significant advantage.

• The golden window: Historically, May is the strongest month for selling — specifically the last two weeks of the month. Zillow’s analysis has shown that homes sold during this period earn about 1.6% more and tend to sell much faster.
• The fall and winter slowdown: Sales typically slow down in the fall and winter months.
• Local exceptions: Market dynamics can create exceptions to either of the above rules. For instance, in Phoenix, Arizona, November is historically the best month to sell because people living up north want to escape the harsh winter weather.

Just keep in mind that homes sell year-round, so if May doesn't work with your personal timeline, that’s okay. Simply knowing the historically strongest season to sell can be helpful. 

The bottom line

If you’ve decided that you do want to sell now,  and want to sell quickly and for the most money, it’s time to start prepping your home so it’s ready to list. We’ve created a checklist of everything you need as you get ready to list.

Remember, selling your house is a personal decision influenced by various factors. Consider your financial situation, local market conditions, and personal needs when deciding the best time to sell for you. And when you’re ready, Zillow can help you sell with confidence and maximize your home’s visibility.