Is now a good time to sell your home? It’s a question many potential sellers are asking themselves, especially after prices rose so much in 2021. Are you wondering if you should hold off for another year or two? In my opinion, if you’re on the fence about selling your home, don’t be. I can assure you that NOW is a great time to sell a house, and things can change quickly. Spring 2022 will prove to be another hot market, but who knows how long it will last!
Here are a few things to expect this year:
WHAT REAL ESTATE WILL LOOK LIKE IN 2022
Most likely, 2022 won’t be as hot as 2021 – although you can still expect some flames. Prices should continue to rise, most experts are predicting around 10% appreciation, rather than last year’s 20%. It will most likely still be a seller’s market, however, multi-bidding on homes requesting 30% or 40% over list price, shouldn’t be “normal” anymore. Therefore, sellers should not assume they will have a a crazy, multi-bidding market when they list their homes. The past year saw many sellers opting out of fixing things around the home and de-cluttering, on the assumption that they would receive multiple offers no matter what. 2022 home sellers will not have that same experience & need to prep a bit before they list their home.
WHAT YOU SHOULD KEEP AN EYE ON THIS SPRING
Rising Mortgage Rates
Mortgage rates hit an all-time low last January, and they’ve been rising ever since. It’s still a great time to purchase a home (as rates are still low), however, if rates continue to rise, we will eventually reach a point where buyers begin to drop out of the market. Of course the future is uncertain: rates could go up and down (although some experts believe they may go to a high of 4% this year). No one knows for sure what will happen, so rather than trying to play the market, consider the situation as it currently is – you know now is a good time to sell because inventory and interest rates are low.
