Whether planning on selling or just considering the options, there are some things
we need to know about being a home seller for the remainder of 2022.
Market conditions have adjusted since last year, impacting the landscape for seller growth!
For example, home price growth seems to be returning to pre-pandemic levels. This isn’t the same as saying home prices are declining, they’re not!
It’s the rate at which they’re increasing.
Instead of the unprecedented increases of over 20% yearly we have seen, we’re now starting to see more modest 7-8% annual growth.
As a home seller, you will see headlines like “homebuyer competition drops to the lowest levels in two years” and think you’ll struggle to sell. This is not the case!
Homebuyer competition pre-pandemic was already very high, with record numbers of millennial homebuyers entering the housing market in search of their first home. This is a generational trend, and it won’t go away any time soon. Indeed, you may not sell your home within days of it going on the market, as was so often the case during the pandemic. But you will still sell within weeks in many places.
Housing market conditions are a little trickier for home sellers this year than last year. It is even more critical this year than last year to get a real estate agent with solid experience and expertise in selling your type of home in your area. This will maximize your return on the sale and minimize the potential for delays and a deal falling through.