Dear Olivia,
We’ve been thinking about downsizing for years, and 2022 might be the year we finally do it. Will 2022 be a good year to sell?
Sincerely,
Looking for Advice
Last month, I answered a reader’s question about what to expect from the real estate market in 2022, so your question about selling in 2022 is very timely!
On paper, there are some strong indications that 2022 will be a good time to sell for some homeowners. There are also some reasons why you might want to wait, though. Let’s discuss!
Why You Might Want to Sell Your Home in 2022
Many industry experts expect that demand for homes will remain strong in 2022. That’s good news for you as a seller. If you’re in a position to sell your home, doing so now could help you capitalize on the hot seller’s market.
Selling in 2022 is also a good idea because while interest rates are expected to rise, it’s also expected that they remain low compared to historical averages. This is good news for prospective buyers of your home and good news for you as well if you need to finance your new, smaller home.
On a more personal level, it sounds like you currently have too much home for your needs. If your home is no longer working for you, it’s a good sign that it’s time to say goodbye and start a new chapter in a more manageable property.
Of course, there are a myriad of other reasons why you might want to sell in 2022 – to be closer to family, to capitalize on home equity, or to avoid interest rates that are on the rise. At the end of the day, your decision to sell will likely involve many different factors, all of which require you to think purposefully about your next steps.
Why You Should Wait to Sell Your Home
Photo by Tracy Adams on Unsplash
There are plenty of reasons to stay put, too.
For example, if you’ve just refinanced your home or just done an expensive remodel, you might want to wait a few years so you can enjoy the renovations and avoid having to pay closing costs and other fees again so soon.
Another reason to consider staying put is if you’re concerned about being able to find a new property. The inventory in our area is pretty thin right now, so finding your perfect “empty nest” could be a challenge. And, if you do find the ideal home, you might face stiff competition from other buyers.
Likewise, if you are at all concerned about being able to afford a new home, it might be worth your while to hold off on selling your current property. If you recently switched jobs, have medical bills to pay, or other financial difficulties, it might be best to stay in your current home until your financial picture is a little better.
Of course, whether you sell now or sell later can be determined with the help of a Realtor. We can sit down with you, explain market conditions, look into available properties that fit your criteria, and give you all the information you need to make an informed decision.
If you have any other questions about selling your home, don’t hesitate to reach out to me at 307-856-3999!
~Olivia