Many homeowners think it’s in their best interest to hold off on selling their homes until the latter half of 2022. We’re here to tell you why they are wrong.
Fact: If you want the best price and your ideal contract terms, you need to put your house on the market when there’s strong demand and less competition.
Homes placed on the market are going under contract faster than ever right now. We just put a home under contract in 3 days for $30k over asking. Clearly, there’s an influx of purchasers in the market, and they’re ready and willing to buy high. But that is not going to last forever, as nothing in real estate does!
I hate to break it to you homeowners, but your competition is only going to go up from here and new construction is going to be your worst enemy.
In 2020, there were over 979,000 new single-family homes authorized by building permits. Many of those houses are still being built because of labor shortages and low supply caused by the pandemic. Most of these homes are projected to be finished by the end of 2022. Creating much more competition for you when you finally decide to sell your home.
If you’re thinking of selling within the year, it’s imperative that you beat these newly constructed homes to the market. This will ensure your house gets as much attention from buyers as possible and you get as much ROI as possible. Besides, mortgage rates are forecast to rise throughout the year and prices are projected to appreciate by approximately 5% over the next 12 months. That means it will cost you more (both in down payment and mortgage payment) if you wait.
So, especially if you’re planning on upgrading, do not wait, consider putting your house up for sale sooner rather than later.
It’s your move.
