It’s a new year, but 2022 still carries many of the same reasons to list your home as it did in the epic market of 2021. Let’s dig into some of those reasons why selling now is to your advantage more than ever before.
It’s still a sellers’ market
By summer 2021, home sales were up 79 percent compared to the year before. While that rate hasn’t seemed to slow down in this 2022 sellers’ market, no one knows exactly when the market may cool off, which makes it urgent to sell now. For example, mortgage rates were predicted to increase, but dropped again because of the Coronavirus Delta variant.
You want to upgrade.
Now is a great time to sell your smaller home if you want to move into an upgrade. Because of the influx of first-time millennial homebuyers into the market, starter homes are selling fast and at a premium price. You may have to pay up to 20 percent more for a home than a year ago, but you can still lock in a 30-year mortgage at record low rates.
Your house is outdated.
If your home is outdated and needs some major TLC, never fear; now is the time to sell. Why? The competition in the market is so laden with cash buyers and so low in inventory that, as a seller, you have the upper hand in negotiating through bids and offers before you close – regardless of your list of home improvements.
Home inventory is still low.
While it’s slowly increasing, supply is still heavily outweighed by demand. The National Association of REALTORS® reports that homes on the market were selling an average of 17 days in late 2021, and supply was down 12 percent, compared to a year ago. Real estate experts feel that, despite an eventual improvement of our economy and a climb in mortgage rates, this lack of supply and robust demand is a trend that we’ll see for years.
Home prices are at an all-time high.
Consider this: 8 out of 12 metro areas in the Southern and Western regions of the country reported home price gains of more than 30 percent from a year ago – and an average of 23 percent price increase nationwide. That in itself should be a clear sign that it’s time to sell.
You are ready to retire.
Selling your home now could really benefit your savings – and your lifestyle – if you are near retirement age. In fact, more than 60 percent of retirees are taking advantage of this sellers’ market to capitalize on a nice, cushy retirement fund.
The sellers’ market is hot, but it won’t always be. Buyers will not be able to keep up with the pace of these soaring home prices and tiring bidding wars forever. So the time to sell is now.
The time to list with Paige Bird is now because, in 2021, she: negotiated the sales price for her clients to get 1.27% more than the area’s MLS; sold 115 homes for a total of $33.9 million; sold 68 of those above asking price, with an average list to sales price of 99.08%; and sold listings ranging from $8500 to $1.495 million. Contact Paige Bird today so she can sit down with you to get started in the home selling process at 843.450.4773.
