Are you still on the fence about whether or not it’s a good time to sell your home? We understand that many things factor into your decision, from your changing needs to rising mortgage rates. But we’ve been in a seller’s market for quite some time, and the tides could soon be changing. If you’ve been thinking about listing, then you should know that you still have a chance to enjoy all the advantages. This is why right now is still a great time to list your home for sale.
Demand is still high
Demand from buyers continues to be high. The pandemic has changed the way we live and the things we’re looking for in a home. Many buyers are in the market because their jobs have changed. Either they need more space to work from home, or they can now work from anywhere they like. Or perhaps they’ve started a family and need room for it to grow. Many buyers wanted to take advantage of record-low interest rates for mortgages. But mortgage rates are beginning to increase, and this is spurring buyers to hurry up and buy while they can still get good rates.
Supply is still low
Even though buyers have been out in force for the last two years, sellers have still been hesitant to list. In addition, rising prices for construction materials such as lumber have contributed to the decrease in new homes that are being built. All of this means that the number of homes on the market continues to lag behind buyer demand. If you’re ready to sell, then you’ll likely have less competition now than a year from now.
Home values have skyrocketed
According to the National Association of Realtors (NAR), home prices rose a whopping 16.9 percent in 2021. That is considerably more than the three percent they rose in 2020. Selling in 2022 means that you’re able to cash in on this increase. Because the value of your home has increased, you have more equity to leverage. This makes it easier for you to profit from your home sale and to apply those profits to the purchase of a new home.
Existing home sales at a 15-year high
According to another report by the NAR, sales of existing homes reached their highest level in 15 years in 2021. Last year, the total of existing home sales was 6.12 million – the highest it has been annually since 2006. That’s a jump of 8.5 percent from the previous year. Buyers are eager to buy, and the market needs more existing homes for sale to meet that demand.
It’s the home-selling season
Finally, there’s no better time to list your home for sale than in the spring. Traditionally, the real estate market experiences its highest activity levels this time of year. Many buyers with children are looking now so that school-age children can move in between school years. It’s also a great time to sell because your home will look its best during the warm weather, and more people will want to be out touring homes. If you’re ready to list your home for sale this spring, then contact us today!