Why you should sell your home now
Experts predict that 2022 will be another seller’s market with low inventory and high home prices. If you’re planning to sell your home in 2022, you may have some goals in mind. You’ll want to get the most amount of money for your current home while being able to secure a new home for yourself as well. If you are planning to sell, I recommend making your move in the early part of 2022. Inventory is predicted to become less scarce and mortgage interest rates are already on their way up. Here are some reasons why you should sell in 2022.
Inventory is Low
As you probably already know, it’s a tough market for buyers right now. There just aren’t enough homes on the market and competition is extremely high. If you are thinking about selling, it’s a great idea to sell now before inventory increases, which is predicted for later this year. To make the most money possible for your home, you will want to list your home for sale while the market is still tight and you are in the driver’s seat.
Home Equity is High
Home appreciation in 2021 brought homeowners a record increase in home equity. According to Corelogic, the average American homeowner gained about $57K in home equity last year. What does that mean for you as a seller? If you are thinking about selling to move into a different home, this home equity could be used for your down payment.
Interest Rates are Increasing
According to Freddie Mac, interest rates hit their lowest rate ever recorded in January 2021. Already this year, we have seen the average 30 year mortgage rate increase to an average of 3.77%. This rate jump could very well put a damper on home sales and cause the market to slow down. Additionally, if you are selling your current home in hopes of moving to a different location, you’ll want to take advantage of the period of time where rates are still low. They are only going to increase as the year goes on.
If you are thinking about selling your home in 2022, I recommend acting sooner rather than later. As your local real estate expert, I would love to guide you through the home selling process and help you get the most money for your home. Contact me today to learn more and get started.