Homeowners, are you planning to sell your home in 2022? You may think it’s best to wait for the spring since historically about 40 percent of home sales occur between April and July. However, this year is expected to be much different than previous years.
Home Buyers are Looking and Ready to Buy Now
Buyers who are willing to house-hunt in a winter market, when there are fewer options, are more serious buyers. The National Association of Realtors monthly sales Index shows that homes placed on the market for sale go from ‘listed status’ to ‘under contract’ in approximately 18 days. This is well above the previous three years.
If you’re moving into a larger, more expensive home, consider doing it now. Prices are projected to appreciate by approximately 5% over the next 12 months. That means it will cost you more both in down payment and mortgage payment if you wait. You can also lock in a low 30-year mortgage rate right now.
Sellers Plan to List Homes Earlier this Year
If you’re thinking of selling in 2022, you may want to do it now instead of waiting, as mortgage rates are forecast to rise throughout the year. A study by Realtor.com shows that 65% of sellers have already listed their home or are planning to put it on the market this winter instead of waiting until spring or summer.
Your Competition this Spring will be New Construction Homes
There were almost a million building permits issued for new single-family homes, and many of those homes have yet to be built. Beating these homes to the market will ensure your home gets several interested buyers.
This is the strongest real estate market we have seen in years. Existing home sale prices are increasing and selling well above the asking price. Their prices are outpacing the price of new construction homes.
It is Time to Make a Change
Think about your goals and priorities for 2022. Determine whether it’s worth waiting to sell or not. Is waiting more important than being closer to your loved ones now? Is waiting more important than your health? Is waiting more important than having the space you truly need?
If you have been debating whether or not to sell your home this winter, contact a Real Estate Broker at Wenzel Select Properties today! Call us at 630.430.4790. Team Wenzel will give you expert advice on the best time to put your house on the market and provide you with an enhanced marketing analysis.
Wenzel Select Properties location is 4941 Main Street in Downers Grove, Illinois. We are just minutes away from Interstates 88, 355, 55, 290, and 294. Wenzel Select Properties real estate brokers are available to meet with you 7 days a week – Monday through Sunday. Y