5 Steps To Take If You Feel ‘Locked In’ to Your House and You Need To Sell

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According to a recent report from Realtor.com, 61% of potential home sellers have been considering selling their place for over a year but haven’t done so because they feel “locked in.” Notably, 46% of potential sellers have debated the decision for one to two years but haven’t listed yet.

The report also shared that 55% of potential sellers felt trapped because of higher mortgage rates. The current interest rates are higher than what they have locked in, meaning that their next mortgage will have a much higher rate, bringing up their housing expenses.

Here are the five steps to make selling your home a realistic option if you currently feel stuck.

Step 1: Quantify the Real Gap

Elena Novak, the lead real estate researcher and analyst at Property Checker, said to quantify the real gap between your current mortgage payments and what they would be instead of just guessing. “Ask a trusted agent for a realistic sale range, then have a lender run payment scenarios on the type of home you would buy today,” she said.

Seeing the actual numbers may help reduce any concerns that you may have about selling your home to purchase a different one. Here are some figures you’ll want to know: 

• Housing prices in the community that you want to move to
• The amount of equity that you’ve earned in your home since you’ve been living in it 
• Your new monthly mortgage payment.

Running the calculations is crucial because you’ll want to know the difference between your current payments and your potential mortgage if you sold and upgraded your home, so you don’t feel limited. You may discover that you’ve built up a decent amount of equity, which would help with your next down payment. 

Step 2: Get Realistic About Your Pricing 

Amit Arora, the chief investment officer at Opendoor, pointed out that there’s a huge disconnect between buyers and sellers over home pricing. “Many sellers are still pricing based on last year’s market, but elevated mortgage rates have reduced what buyers can afford,” Arora said.

You want to ensure that your expectations about what you could sell for are realistic so that you don’t start looking at new homes out of your price range.

Step 3: Invest In Your Home’s Presentation

Novak suggested investing in your home’s presentation to sell your place quickly without any hassle. You’ll want to take the time to focus on three items an inspector will flag — roof, HVAC and moisture — and stage the main living areas. Novak pointed out that many buyers will decide in the first 90 seconds if a home is right for them, so you’ll want to invest in the presentation. 

Arora noted that buyers are increasingly looking for move-in-ready homes and are less willing to take on repairs or renovations. Based on data from Opendoor, 67% of buyers don’t want to pay for repairs, and almost 70% would prefer a turnkey home.

“Well-maintained homes tend to sell faster than those that need work. But in slower markets, this is even more pronounced” Arora said.

When there are fewer buyers on the market, they tend to get more selective, and homes in worse condition may sit for longer. You’ll want to speak with a local Realtor to determine what buyers want in your market. 

Here are some additional fixes you may want to invest in:

• Decluttering your home and staging it properly
• Improving the landscaping to make the property more appealing to potential buyers 
• Getting professional photos and marketing done for your listing.

Step 4: List Your Home at the Right Time

The experts agreed that you should also be strategic about when you sell if you want to get the best possible price. Arora mentioned that homes listed in May and June sell much faster than those listed in the rest of the year. According to recent data from Zillow, sellers who sold their homes in 2024 earned an extra 1.6% in the last two weeks of May. This amounts to around $5,600 on the average home sold nationally. 

If you feel locked in and need to sell, you’ll want to work on the timing with your Realtor so that you can strategically list your property and get the best price possible. 

Step 5: Hire the Right Professionals 

Novak noted that selling your home should be treated like a business decision. “You’ll want to run the numbers, find incentives to offer, and work with professionals who can sell properties in the current environment of high rates and low inventory,” she said. 

It’s important to emphasize that selling a home can be overwhelming in the best-case scenario, so with the current environment, you’ll want to find a Realtor and real estate professionals with a proven track record. Since a primary objective is to have potential buyers picture themselves living in the home, you’ll want to hire the right professionals to help you sell your property so you don’t feel stuck.

Sources

• Realtor.com, “Survey: 81% of Potential Sellers Think They Will Get Their Asking Price or More This Year.”
• Elena Novak, PropertyChecker
• Amit Arora, Opendoor
• Opendoor, “Introducing new technology to improve home quality.”
• Zillow, “When Is the Best Time to Sell A House?“

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