As interest rates rise and potential buyers shelve their plans to purchase homes, a slower real estate market is to be expected in 2023. The good news is that the market is expected to rebound in Q2 of 2023 and thereafter.  

If you’re a homeowner looking to sell your home, be prepared for a longer waiting period to sell simply because people are not jumping at every opportunity, spurring an increase in housing inventory. 

So what should you do if you’re interested in putting your property on the market? 

Well, that depends on how urgently you want to sell your property. 

People who are not absolutely desperate to sell their homes may want to wait it out in 2023, for things to stabilize. Rather than selling during a dip, even slight, homeowners with a property in good condition are better off waiting out the year in anticipation of price rebounds. 

However, people who have a burdensome property or people who have a reason they need to sell fast may not have the option of waiting another year. In such cases, cash buyers are a viable option. As cash buyers are not reliant on bank financing, the high interest rates do not affect them and they can carry out a quick and fair purchase, which can relieve homeowners burdened by a property they want/need to get rid of fast. 

As for the concern of getting below-market offers from cash buyers, there are several answers to that: 

• You may be in for a surprise and get an offer that’s not far from your expectations! Most cash buying companies offer free home estimates, so take advantage and get an estimate.  

• Consider that the longer your house is on the market, the lower it’s value becomes. So, while technically, you think your house’s current value is $350,000, if you put it on the market and it’s still around six months from now, it will likely be closer to $300k.

• When getting your property evaluated by a realtor, don’t forget that when selling conventionally, a considerable amount will be shaved off that price due to closing costs (including agent fees, lawyer fees, taxes etc.) 

Bearing all this in mind, you may actually get an offer from a cash buyer with a fair and appealing bottom line. Just because it “sounds” lower initially, doesn’t mean you’ll be pocketing less or significantly less than a conventional sale with an agent. 

Again, selling to cash buyers is not the best option for everyone. But for some, it is. 

To recap: 

If you have a high-value home that’s stagnant due to the slowed market, try to be patient and hold off with selling right now. 

But if you have a neglected property or need to sell your house fast for any reason, consider selling to cash buyers for a quick, painless transaction.