The year 2022 continues with record breaking home sales prices and if you plan to sell your house, you should do it now. The market is starting to change so if you plan to sell soon, you will want to make your house stand out in this ever-changing market. To help generate as much buyer interest as possible and get your home sold fast, here are 5 trends to help you sell your house in 2022.
Historically High Prices
Even if the market plateaus, experts predict that home prices will remain high in 2022. How does this impact you as a home seller?
First, you’ll definitely net more from your home sale. Second, with a higher price ceiling, you have more room to price your house competitively.
Another important factor is the excessive increase in rent. With rent going up substantially since the beginning of the global pandemic, more renters are are seeing the benefit of buying instead of renting.
Needs Have Changed
It’s no secret that day-to-day life and work culture has adapted to a new normal in recent years.
Buyers are now looking for spaces in their homes where they can have a dedicated workspace available. Another aspect of this change in life is buyers searching for homes where they can blend their family life with their work. Parents working from home have been challenged with the task of parenting through meetings and transitioning from one role to the other.
As a result of all these changes, we are seeing an increase in multigenerational households. Families are seeing the benefit of pooling their resources to purchase a home together where they can rely on each other through the many challenges that they face.
Highly Motivated Buyers
When the global pandemic first hit, the real estate market saw both buyers and sellers rethink their situations as they waited to see what was going to happen.
Each spring since then, we have seen the normal influx of new buyers intermixed with old buyers that were around the year before but were unsuccessful in purchasing a home. This has contributed significantly to an excess of buyers and demand for homes has greatly outweighed supply.
Traditionally, new construction acts as a mitigating factor in balancing supply and demand. However, the increased costs associated with new construction have deterred builders from bringing new homes to the market.
Fluctuating Interest Rates
The Federal Reserve has already increased interest rates this year, and there is an expectation that there will be more increases throughout the year.
This translates to buyers having more difficulty obtaining a mortgage and buyers are becoming more cautious. Bidding wars are not as intense as we have grown accustomed to, making it potentially more difficult to sell your house in 2022.
This not to say that there will not be a bidding war when you sell your house. However when faced with a bidding war, it is important to be practical about the value of your home. A good real estate agent will avoid the pitfall of letting a bidding war get out of control. Keep in mind that if the contract price is way out of proportion to the appraised value of your home the house could fall out of contract which means the house will have to return to the market and you would have lost valuable time. If the house is being financed, the bank will not lend more than the appraised value of the house.
Location Isn’t Everything
The usual statement of “location, location, location” is being turned upside down as buyers are more concerned with finding a home that will fulfill their basic needs.
The selling points of good schools and proximity to shopping are still important but they no longer carry as much weight at this time as they did in the past
Professional Help to Sell Your House in 2022
If you’re looking to sell your house in 2022 in Babylon, North Babylon, West Babylon, Deer Park, Brentwood, Bay Shore, Copiague, Lindenhurst, West Islip, Wheatley Heights, Wyandanch, contact me today at (631) 343-2405 Text/Call Cell (631) 357-4819!