Why you should NOT wait until spring to sell your home.
You may be wondering if now is a good time to sell your house. Heading into 2022, housing market experts are predicting a year of continued high demand and rising home prices. After a hectic year with many eager buyers and few homes on the market, the housing shortage will likely continue, though ease eventually. Buyers are still eager to move, but the low supply of homes on the market in many parts of the U.S. is contributing to rising home prices. As a result, it remains a seller’s market that benefits homeowners who are choosing to sell now.
You’ll have way more competition in Spring!
Yes, it’s true that more homes are sold in the spring time, but that’s only because everyone else waits until Spring to list their home for sale!
Interest rates may be higher in the spring, meaning that fewer people will be able to afford your home. By waiting, you could be inadvertently reducing the number of buyers who can buy your home. Even with mortgage rates rising above 3%, they’re still worth taking advantage of. You just want to do so sooner rather than later. Experts are projecting rates will continue to rise throughout this year, and when they do, it’ll cost you more to purchase your next home.
Your Equity Is Growing in Record Amounts Current homeowners are sitting on record amounts of equity thanks to today’s home price appreciation. According to the latest report from CoreLogic, the average homeowner gained $56,700 in equity over the past 12 months. That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your own home search, rest assured your equity can help fuel your next move. It may be just what you need to cover a large portion – if not all – of the down payment on your next purchase.
With less overall transactions occurring, mortgage lenders, appraisers, and inspectors are less overwhelmed and the selling process is likely to be smoother and faster.
Home sale statistics show that homes can sell faster during winter months. We get more serious buyers in winter– Spring brings out the ‘just browsing’ open house crowd. The ‘looky loo’s’ will only come to your open house to eat your Realtors cookies.
Less competition! Because so many home sellers believe they should wait until Spring, there are so many less homes for sale for you to compete with. However, there are dozens and dozens of buyers trying desperately to find a home to buy, but there just aren’t enough homes for sale. I can’t imagine a better time to sell a home. Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market than there are homes available, and that means buyers are eagerly waiting for your house. Listing your house now makes it the center of attention. As a seller, that means when it’s priced correctly, you can expect it to sell quickly and get multiple strong offers this season. Just remember, experts project more inventory will come to market as we move through the winter months. The realtor.com 2022 forecast says this:“After years of declining, the inventory of homes for sale is finally expected to rebound from all-time lows.”
You can remove the uncertainty and stress of waiting by taking control. Instead of a home sale keeping you from moving on with your life, you and your family can start living the way you want. If a home sale is affecting your health, your financial well-being, or time with family, it could be time to take stake of what’s really important.
If you’re ready to move before Spring, putting your home on the market during the colder seasons can create the perfect combination of factors to sell your home as quickly and easily as possible. This may be your moment, especially with today’s low mortgage rates and limited inventory.
-Rivard, Aul & Associates