Wednesday, January 5, 2022 / by Flr Team
Should You Wait Until Spring to Sell Your Home?
Many homeowners who plan to sell in 2022 may think the wise thing to do is wait for the spring buying market since historically about 40% of home sales occur between April and July. However, this year is expected to be much different than the norm. Here are a few reasons to list your home now rather than waiting until the spring.
There are many more buyers currently searching for homes than there have been in previous years. When there are fewer homes on the market, only serious buyers are looking and are ready to purchase. You won’t be inconvenienced by ones casually searching for a home.
Other sellers plan to list earlier this year. The law of supply and demand tells us that if you want the best price possible and to negotiate your ideal contract terms, put your house on the market when there’s strong demand and less competition. A recent study by realtor.com revealed that 65% of sellers who plan to sell in 2022 have either already listed their home or are planning to put it on the market this winter. Listing before this competition hits the market will give you a better opportunity to get the best price and the ability to negotiate the best terms of the sale.
Newly constructed homes will be your competition in the spring. In 2020, there were over 979,000 new single-family homes authorized by building permits. Many of those homes have yet to be built because of labor and supply shortages brought on by the pandemic. However, they are projected to be completed in 2022. This will create additional competition when you sell your home. Consider beating these newly constructed homes to the market to ensure your home gets as much attention from interested buyers as possible.
There will never be a better time to move-up. If you’re thinking of moving into a larger, more expensive home, consider doing it now. Prices are projected to increase by about 5% over the next 12 months. That means it will cost you more if you wait, in both your down payment and mortgage payment, as mortgage rates are forecast to rise throughout the year from the current 30-year rate in the low 3’s right now.
It may be time for you to make a change. Consider why you’re thinking of selling in the first place and determine whether it’s worth waiting. Is waiting more important than being closer to your loved ones now, or more important to your health or having the space you truly need? Take time to think about your goals and priorities as we move into 2022 and consider what’s most important to act on now.
If you’ve been debating whether or not to sell your home and are curious about the market conditions, talk with one of our real estate professionals at Florida Lifestyle Realty, who can help you decide the best time to put your home up for sale
Florida Lifestyle Realty