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15 Reasons You Should Sell Your Home Before the End of the Year

By Maurie Backman - Oct 5, 2022 at 9:10AM
House with a sign in front yard that says For Sale by Owner.

15 Reasons You Should Sell Your Home Before the End of the Year

It pays to sell sooner rather than later

If you've been contemplating selling your home, it's easy to see why you might choose to wait until 2023. Spring is a popular time to list a home, and it's when buyers tend to be looking. But while listing during the spring has its benefits, here's why you may want to sell your home before the end of the year instead.

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1. You're struggling to keep up with housing costs

If you're having a hard time keeping up with your mortgage and related expenses, then selling your home sooner rather than later makes sense. You don't want to chance being in a situation where you fall behind on your home loan payments and risk foreclosure. That could destroy your credit.

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Labeled moving boxes, house plants, and coffee mugs in a den.

2. You're looking to downsize

Maybe your adult kids have moved out of the house. Or maybe you've realized that you don't need as much living space as you thought you did. If you're eager to downsize, the sooner you do, the sooner you can potentially start to reap savings.

ALSO READ: 4 Reasons to Downsize Your Home in Retirement

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Person mowing lawn.

3. You're tired of all the maintenance

Maybe your home has a large lawn that's tough to mow. Or maybe you spent much of last winter nursing an aching back due to having to clear snow from a long driveway. If your home's maintenance is too much to keep up with, you may want to sell it sooner and alleviate that burden.

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Person typing on a laptop at a desk.

4. You're looking to switch careers

Switching careers sometimes means having to be flexible with where you work. And if you want the option to be able to accept a job offer anywhere, you may not want to be tethered to a home. If you sell in the next few months, you can pursue different opportunities without being held back.

ALSO READ: 9 Signs That a Career Change Will Pay Off

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Notebook with Property Tax written and underlined in orange on its cover.

5. Your property taxes went up a lot

Property taxes can rise over time. If yours went up a lot this year -- to the point where they're no longer affordable -- it may be time to move. And the sooner you do, the sooner you can shed that sky-high tax bill.

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Person with serious expression at laptop.

6. You're worried about losing your job

Some experts are warning that a recession could hit in 2023. If you're in a vulnerable industry (say, retail or hospitality) and are worried about job loss, you may want to sell your home this year to get ahead of that situation. That way, you can find a less expensive home and get some peace of mind.

ALSO READ: Is a Recession Coming in 2023?

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A stressed-out couple sits in front of a laptop computer.

7. You're scared a recession will drive buyers out of the market

A recession may not just lead to widespread layoffs but also force buyers to pull out of the market. If you're serious about selling, it's a good idea to get ahead of that situation by listing your home before 2022 wraps up.

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Mortgage application with red Approved stamp.

8. You want to list your home before mortgage rates rise

Mortgage rates have climbed sharply this year. And they could rise even more in 2023. If you sell your home in the next few months, you may have an easier time getting a buyer. Plus, if you'll need a mortgage for your replacement home, you might snag a lower rate by selling late this year than you would by waiting.

ALSO READ: Barbara Corcoran Says Rising Mortgage Rates Have This Silver Lining

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A suburban street with numerous houses for sale.

9. You're worried about increasing competition

Housing inventory has slowly but surely been picking up this year. And that alone is a good reason to list your home soon. The less competition you have, the easier it should be to find a buyer and get the asking price you want.

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Person works on paperwork at kitchen counter.

10. You're worried about home price gains slowing down even more

Home price gains have been slowing. This doesn't mean sellers aren't walking away with profits. Rather, in recent months, their profits have been lower. So if your goal is to get as much money for your home as you can, you may want to put it up for sale sooner.

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A person holds a child while talking on the phone.

11. Your family is growing, and you need more space

Maybe you're having a baby and are due during the first half of 2023. Or maybe your kids are growing up and accumulating more things. If you're outgrowing your current home, you may want to sell it and upsize before the situation becomes tough to manage.

ALSO READ: 4 Reasons Not to Upsize Your Home

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Room being renovated.

12. You're not up to the task of renovating

It may be that your home needs a lot of work. Rather than sink money into renovations and live in a construction zone, it could make more sense just to move. And if you're tired of living in an outdated home full of flaws, that's reason enough to sell it soon.

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Picture taken from the back of a classroom of empty wooden desks with a chalkboard and teacher's desk at the front.

13. You want to move to a better school district

If you're not thrilled with the education your kids are getting, you'll probably want to act on that quickly. If you sell your home in the next few months, you may have the option to move your kids to a better school district. And that could help them avoid ongoing academic challenges.

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For Rent sign in front of home.

14. You're ready to rent again

Maybe you've decided homeownership just isn't for you. If that's the case, why not sell your home while the market is still strong? You may find that renting makes it much easier to factor housing costs into your budget and frees up a lot of time by virtue of not having to worry about maintenance.

ALSO READ: 4 Ways Renting Could Save You Money This Year

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A person uses a laptop in front of a sunny window.

15. You want to free up money for another investment

Because home values are up right now nationally, many sellers stand to profit nicely. If you're eager to free up a pile of cash so you can make an investment -- whether in stocks or a business a friend is starting -- your home could be a good source. And the sooner you make that move, the sooner you can pursue the opportunity you're interested in.

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Pretty single-family house with a turquoise door.

Sell now or wait?

Right now, sellers have the upper hand in the housing market. But that may not last. If you've been thinking of selling your home, doing so before 2022 ends could work to your benefit -- and help you walk away with a lot more money.

The Motley Fool has a disclosure policy.

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