Reprint of post by Lauren Sommer, Realtor®, Arrive Real Estate Group
Did you know that historically, about 40% of annual home sales occur between April and July? However, this year is expected to be much different than the norm. Don’t wait to sell, get ahead of the competition now. Here are five reasons to list your house now rather than waiting until the spring.
1. Buyers Are Ready To Purchase NOW
A recent home for sale in Danville received 38 offers in less than a week on the market. Yes, you read that correctly, 38 offers. End of the year bonuses and performance raises are in. Interest rates are still low. Buyers are not waiting for the spring, they are ready to buy now.
2. Other Sellers Plan To List Earlier This Year
If you’re looking for the best price and the ability to negotiate the terms of the sale of your house, listing before this competition hits the market makes sense. A recent study by realtor.com reveals that, unlike in previous years, sellers plan to list their homes this winter instead of waiting until spring or summer. The study shows that 65% of sellers plan to sell their home in the first half of 2022 and 19% already have or are planning to put it on the market this winter. Not ready to move until summer? Try to negotiate a rent back to allow you so sell your home now but move later.
3. Newly Constructed Homes Are Nearing Completion
In 2020, there were over 979,000 new single-family housing units authorized by building permits. Many of those homes have yet to be built because of labor shortages and supply chain bottlenecks brought on by the pandemic. Many, however, will be completed in 2022. That will create additional competition when you sell your house. Beating these newly constructed homes to the market is something you should consider to ensure your house gets as much attention from interested buyers as possible.
4. Plan For Your Future
If you’re thinking about moving into a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5-10% over the next year. That means it will cost you more, both in down payment and mortgage payment, if you wait as prices and rates continue rise. The same thing can be said if you are looking to retire. Buying that retirement house now can leave you with more money in your pocket down the road.
5. Make a Change Now
Consider why you’re thinking of selling in the first place and determine whether it’s worth waiting. Is waiting more important than being closer to family now? Is waiting more important than your health? Is waiting more important than having the space you truly need? Many people think changing schools midyear is not ideal but it can actually be the opposite. Starting a new school as soon as you move provides kids the chance to make friends before summer. Once summer comes, it can be difficult to meet new people as your interactions may be more limited.
Take time to think about your goals and priorities as we begin 2022 and consider what’s most important to act on now. If you’ve been debating whether or not to sell your house and are curious about market conditions in your area, contact me today. I am happy to help you decide the best time to put your house on the market.