Are you on the fence about selling your home in 2022? Below, I’ll walk through what to expect in 2022 and how to determine if selling your house now is a wise next step.
2022 is a seller’s market
Housing market experts are predicting that 2022 will remain a strong sellers market. You have probably noticed the high demand in Northern Kentucky, and around the Country. Here are a few reasons sellers can expect to be in the driver’s seat this year:
Supply is tight
The imbalance between supply & demand has contributed to historical gains in home appreciation. There are still signs that supply will be limited in 2022.
Houses are selling quickly
If houses are listed at an appropriate price they are not staying on the market for long.
Houses are selling for more than the asking price
In many neighborhoods it is normal to see potential buyers flock to a new listing the first day it hits the MLS. Multiple offers typically drive the price up and we are seeing a lot of houses ultimately sell for more than the seller asked for.
Mortgage rates are historically low
Potential buyers can afford to buy more because mortgage rates are at a historical low.
Reasons to sell your house in 2022
Selling your home is largely a personal decision. You shouldn’t make this decision lightly or just because market conditions are right. Your personal financial situation needs to align with a strong seller’s market. Here are a few reasons why 2022 may be your year to sell:
Cash in on your new home equity
The rise in home values likely means that you have built equity. Ask a real estate agent to do a comparative market analysis (CMA) to estimate what you may be able to sell your home for. (I’d be happy to help you with this 😉)
Take advantage of low interest rates
Historically low interest rates have attracted a wide pool of qualified buyers. Plus, if you are selling & then purchasing a new home you could likely benefit from low interest rates.
Accommodate your post 2020 lifestyle
The amount of time you spend in your home has likely shifted since the pandemic began. Working remotely, remote learning, and a shift in focus has changed the way we live in our houses. It may be time to make a permanent change to account for that much needed home office, large backyard, or finished basement.
Reasons to wait to sell your house
Take the time to consider that 2022 may not be the right time for you. Here are a few reasons why it may be time to pump the brakes:
You owe more on your home than you could sell for
Maybe you took out a home equity loan or simply ended up in a situation where you owe more on your house than your real estate agent thinks you can sell for. It may make sense to pay down your mortgage for a while before you take the plunge.
Unable to move nearby
The downside of a hot sellers market is that it may be hard to buy a home on the other side of the transaction. Consider the costs to purchase a new home & the local availability of homes before you make your decision.
Do a Comparative Market Analysis
The first step to determining if selling in 2022 is the right decision for you is to perform a comparative market analysis. Contact me today & I’d be happy to help navigate you through the process.