As we enter into the New Year, many people are contemplating whether to list their homes or not. While there can be many factors that go into this decision, here are some reasons why you should list your home in 2022.
1. The market is hot, and your home will sell quickly.
The housing market tends to follow a specific pattern and right now home prices are on the rise and home supply is low, while demands for new homes are high. This means that there are times when it may be more difficult to resell your home, especially if you are looking for what seems like the "perfect" price. Although, in today's current housing market with increased value on homes, now could be the time to get more bang for your buck.
2. Home values are on the rise.
According to research from Zillow & Trulia, home values have increased across the United States at around 5 percent annually for the last 10 years. For some homeowners who purchased their homes before this decade, this can mean substantial equity built up in the home they've lived in for years. Our real estate group can give you an accurate depiction of what you can list your home for to sell that also align with your goals. Take advantage of our free consultation, to get a better idea of how much your home is worth. To schedule it, give us a call at 804-920-1738.
3. There is less competition.
According to the National Association of Realtors (NAR), the number of homes on the market usually drops around this time of year, making your home more competitive when fewer homes on the market. This is a great advantage because it gives your home access to a bigger pool of buyers. Inventory is so low Nation-wide that Sellers are getting multiple offers and have been selling at an advantage no one has seen in years.
4. Homeowners are spending less time living in each home, meaning there is a high amount of buyers in the market.
According to a 2017 report from Pew Research , it is shown that homeowners spend an average of 7 years in their current place -- which has increased by around 3 years since 1991. This can be attributed to a number of factors such as marriage, family or employment changes, but also speaks to reasons why it may not be wise to wait until something better comes along. Many buyers are coming to market with a short window of time in which they need to purchase a home, and can get frustrated when there is less inventory available for them to choose from. This means at the beginning of the new year more buyers are available to you that can bring more competitive offers.
5. Mortgage rates are low, increasing the amount of buyers eligible to purchase your home.
The average 30 year fixed rate is around 3.97 percent -- significantly lower than the previous highs in the years before 2012. This means that homeowners will be able to stay in or finance their homes at cheaper rates than in years past, which makes it much more affordable to own your own place when interest rates may rise again soon. Low interest rates open the housing market to buyers that weren't eligible to purchase a home at their target price in the past. If you're looking to sell, now is the time to do it as the pool of prospective buyers is extremely high.
6. Homeowners are actively staying informed on real estate trends.
Homeowners who were previously delaying listing their homes due to unemployment fears during the recent housing crises can now be more confident in selling their homes. With increased access to market data through Zillow and Realtor.com, more people are staying up to date on what their home is worth, and what homes are selling for in their neighborhood & surrounding areas. This means that people understand that there are benefits of listing their homes now -- before interest rates continue to climb even higher.
Picking a real estate agent is one of the most important decisions you will make when selling your home. You want to make sure to pick the right partner to work with you in the sale of your home that will be with you every step of the way. Even if you are just thinking about it, talk to an expert from our team to outline the process and present to you how much your home is worth. You can trust our team to list your home at a higher price than competitors, while bringing you the best customer service that always exceeds expectations. Call Rick directly at 804-920-1738 or call our Office at 804-447-2834 today!
Posted by Rick Cox on
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