Thinking of Selling a Home? Here's Why Dave Ramsey Says Now's a Great Time

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  • Housing inventory has picked up this summer but is still low.
  • It's best to sell your home at a time when there's less competition.

You may want to get that listing up soon.

The decision to sell your home is really a big one. Selling a home means uprooting your life and having to deal with the process of finding a new place to live. It also potentially means having to apply for a mortgage on a new home and deal with the paperwork that goes with it.

But if you've been thinking about selling your home, now's a good time act, says Dave Ramsey. That's because right now, you're not looking at much competition. And that means you're in a solid position to command top dollar.

Use that lack of inventory to your advantage

For months on end, buyers have struggled with a glaring lack of real estate inventory. But while that may be a bad thing for them, as a seller, it's a good thing for you.

In the absence of competition, you can get away with asking for a higher price for your home. And even so, your home might still wind up in a bidding war, which could lead to an ever higher sale price than what you initially ask for.

As of late May, total housing inventory was down 4.1% from May 2021. But considering that inventory was also low in May 2021, that's a big deal. In fact, Ramsey says that unsold inventory would have to almost double from this past May's level to truly cool down the housing market. And we're nowhere close in that regard.

Ramsey specifically thinks homes will continue getting scooped up in short order during the second half of 2022. That's in spite of the fact that mortgage rates have been on the rise.

But while we know what housing market conditions look like right now, we don't know how things will evolve in the coming year. If inventory picks up, there will be more sellers to compete with. That could put you at a disadvantage, which is why waiting could prove problematic.

Tips for selling your home today

You might assume that since housing inventory is limited, you don't have to put much effort into listing your home. But actually, if you take too lax an approach, you could end up struggling to find a buyer or get the sale price you want.

As such, if you're going to list your home this summer:

  • Team up with an experienced real estate agent who knows your area well, and who can help you price your home strategically.
  • Fix cosmetic issues that could turn buyers away, like chipped paint and stained carpeting.
  • Boost your curb appeal by planting flowers, trimming overgrown bushes, and pressure washing your home.
  • Consider bringing in a home inspector to take a close look at your property and alert you to any major issues that could be a red flag for buyers.

It pays to list your home at a time when there's not a lot of competition and buyers don't have many options. Such is the state of the housing market right now, but we don't know what's in store for 2023. So you might as well jump on the opportunity while you can.

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