3 Reasons to Sell Your Home in 2023

There are reasons selling pays off beyond the fact that it's far from a buyer's market.

It's hard to say how sellers and buyers will fare in the housing market in the course of 2023. Right now, sellers clearly have the upper hand. That's because real estate inventory is still sorely lacking, so sellers can get away with charging higher prices in the absence of buyers having options.

Things could change during the new year, though. Higher mortgage rates could drive more buyers out of the market, slashing demand and forcing home prices to come down.

We don't know exactly how things will shake out. But here are a few good reasons you may want to consider selling your home in 2023 -- regardless of what the real estate market looks like.

1. You can no longer afford your mortgage

If you've been falling behind on your mortgage payments, or coming dangerously close, then it's a sign that you should try to unload your home as soon as possible. The good news is that there's not a lot of competition in today's real estate market, so if you list your home in early 2023, there's a solid chance you'll get a pretty quick offer. And if you make a point to ask for a reasonable price, you might get the exact number you put in your listing.

2. Your home is paid off and you're looking to downsize

Maybe your children have grown up and moved out of the house. At that point, you may decide that hanging onto a larger home just doesn't make sense.

Now, if you sell your home in 2023 and are forced to take out a mortgage to finance a new one, you might lose out financially. That's because borrowing rates are so expensive right now. But if your current home is paid off in full and you're buying a smaller, less expensive one, there's a good chance you'll be able to use your sale proceeds to cover the cost of your new property. So in that case, selling makes sense.

3. You've been offered a great job that requires you to relocate

Sometimes, the perfect job opportunity requires you to pack up your life, board a plane, and settle down in a part of the country you've never even set foot in. If you're offered a great job that requires you to move, that alone is a good reason to sell your home in 2023.

That said, you may want to hold off on buying a home in your new locale until you're settled into your job and are certain it's a great fit. And you may be able to negotiate to add moving costs and a rent subsidy to your compensation package so you're able to keep your out-of-pocket expenses to a minimum.

Selling a home in 2023 could end up working out well for you due to the fact that buyer demand is still strong and home prices are still generally up on a national level. But if any of these situations apply to you, selling could be an especially smart move that benefits you big time.