WHY YOU SHOULD (OR SHOULDN'T) SELL YOUR HOME IN 2022
A lot of people are thinking about whether or not they should sell their home. They are probably wondering if now is the right time to sell their home and get the right price that they want with today’s market. Are you one of those people? Right now, the housing market isn’t the same as the beginning of 2022. The Federal Reserve needed to increase the interest rates repeatedly throughout the year due to increasing inflation.
However, right now, the selling price of houses continues to rise every year in most areas in the U.S and selling them isn’t really a bad idea after all. Looking at other key factors, you can still put your house on the market and take advantage of the low inventory of houses. You can wait and see how interest rates and inflation play out or you can keep your house for the foreseeable future.
2022 is still a good time to sell and here is why:
- Most areas in the U.S are still in a seller’s market (4 months or less of inventory)
- There is a low supply of homes, which means the houses on the market are still selling
- Home prices continue to increase every year thus boosting homeowner equity
Consider these factors...you can sell your house if:
- You are selling a second house that you own
- You already have a new home ready to purchase once your house is sold
- You are not scared of the high interest rate in 2022 (you can always buy down the rate or refinance when rates come down)
- You are okay waiting for the right offer from a buyer or you can price your home competitively to sell faster
- Want to move closer to work or family to save money on gas and save time
Consider waiting to sell your house if:
Even if the market seems promising because it is still a seller’s market, you might want to consider waiting to sell your home and that’s totally fine. There are some factors that can consider if you decide to wait.
- You just bought a house
- You won’t be able to afford a new house with inflation and rising interest rates (remember...rent prices will also keep going up)
- You’re currently happy with your house and it meets your needs
- You’re worried about finding a new house (there is plenty of inventory so this shouldn't be a problem)
You have to decide if this is the right time for you and your family to sell your current home. There will always be challenges. Intereste rates are expected to continue rising which will cause weaker demand. But if the best option for your family is to sell, then call me so we can discuss the right strategy for you and get the process started.