Here are three things that home sellers should know about this market.
We’re already in March, but you still may be holding on to one of your New Year’s resolutions: selling your home. Based on current conditions, this might be the perfect chance to list your property for quite some time. There are three key reasons why:
1. Supply is still lacking. Two major trends that we noticed in 2021 were a low supply of homes for sale and supply chain issues. Experts predict that both of these trends will continue in 2022, which is good news for home sellers. Lower supply means a higher sale price.
2. Prices are still rising. After another strong year of appreciation, 2022 may see a slight slowdown. Homes will still increase in value, but the rate at which they are appreciating is expected to pull back based on predictions from Fannie Mae and the National Association of Realtors.
3. Rates are still low… for now. Right now, the average interest rate on a 30-year fixed-rate mortgage is in the low 3% range. However, the Federal Reserve recently announced that it will wind down its bond purchases, which will cause rates to increase across the board. This may force even more buyers to enter the market now to try and secure a home like yours before higher rates make it less affordable.
Home price growth is slowing compared to what we’ve seen over the last few years, and home prices might eventually start to decrease. Mortgage rates are on their way up. When that happens, we will enter a market where buyers, not sellers, have the final say.
What does this mean for you? If you’re looking to sell, it means the time to act is now. Around (area), there’s still plenty of demand for homes. If you decide to list your home this winter, you might benefit from the current high prices and low inventory. In other words, you could sell quickly and for top dollar.
If you are ready to get the process rolling while this opportune moment lasts, give me a call or send me an email today. I’m here to help.